UPDATE: Sony Did Not Shut Down He-Man and the Masters of the Universe Reboot

Update: ComicBook has confirmed that work on the reboot of Masters of the Universe with Noah [...]

Update: ComicBook has confirmed that work on the reboot of Masters of the Universe with Noah Centineo has not stopped. A source told us that the film is currently on track for its March 2021 release date, and that there's no truth to the rumor. The film's development team is currently hammering out the look of the production, including costumes and design elements, while the cast undergoes training.

Masters of the Universe is still set to for its target shoot date, and we will provide another update if that status changes. Our original story follows below.

Some fans were surprised when Sony Pictures announced they were rebooting He-Man and the Masters of the Universe for a new generation, casting Netflix romcom staple Noah Centineo in the title role. And while '80s kids and nostalgia lovers alike were excited, it seems like that enthusiasm must be tempered as the film suffered a major setback recently.

According to a new report from Heroic Hollywood, Sony has temporarily shut down the development of Masters of the Universe, citing issues with the script and budget of the film. They go on to insist it's only temporary given the amount of resources Sony has invested in reviving Mattel's dormant toy property.

They also cite another source who says creating the kingdom of Eternia in live-action is too expensive, so some re-tooling from the production crew is likely going to take place before work restarts.

Just two weeks ago, Centineo spoke at the MTV Movie & TV Awards about the playing He-Man for a new generation.

"It's a really big responsibility." Centineo explained. "This is like first one in, last one out every single day, which I've done before, but I've never done it on a studio level. Which, studio level is the same as indie, but like, they got playback... It's a big opportunity and I feel more than ready to tackle it."

The actor also teased what fans could expect with the new movie, promising an updated take on the beloved franchise.

"It's a new universe and it's a new studio and their take on a universe." Centineo added. "The Nee brothers, Adam and Aaron Nee, they're directing it, and they're the filmmakers in charge of the story, and they are doing one hell of a job developing the world and all these things, so. I can't tell you what tone they're going for, but they're genius, so."

The movie has gone through a few different iterations over the years and has had its release date moved back several times. It is currently set for a 2021 release date, and Sony even revealed a brand new poster to tease the film at Licensing Expo earlier this month.

It's unclear if this shutdown will ultimately affect the film's release date or, perhaps, derail the entire project entirely.

As of now, Masters of the Universe is still set to hit theaters on March 5, 2021.