Variety reports that Warner Bros. and Mattel are parting ways on Masters of the Universe, the new live-action adaptation of the Mattel toy line that the studio and producer Joel Silver have been developing since 2007.
The trade says that Mattel and WB didn't really get along with where the movie was going so they made the decision was made for them to seperate.
Mattel will take back the property and set it up elsewhere. The expectation is that director John Stevenson (Kung Fu Panda) will remain with the project, but not Silver, who is exclusive to WB.
Wikipedia:
It WAS said that Grayskull: Masters of the Universe was an announced science fiction/fantasy film based on the toy line. According to Variety, it is produced by Joel Silver, and written by Justin Marks, and employing visual special effects to a large degree, as was done with the 2007 war film 300.[6] Warner officially informed that John Stevenson, director of Kung Fu Panda will direct the upcoming feature. On 12 May 2009 it was announced that the scripting duties had been handed to newcomer Evan Daugherty, with John Stevenson still attached to direct.
I guess now all that is gone now since Silver is apart of WB
JFYI The show takes place on the fictional planet of Eternia, a planet of magic, myth and fantasy. The show's lead character is Prince Adam, the young son of Eternia's rulers, King Randor and Queen Marlena. Prince Adam is a seemingly cowardly, blond muscleman dressed in a pink-and-white chemise cote d'azur with perwinkle stockings and purple boots. However, Prince Adam possesses the Power Sword, and when he holds it aloft and says the magic words "By the Power of Grayskull! I have the Power!" he is transformed into He-Man, the most powerful man in the universe. He-Man looks more or less like Prince Adam, except tanner, and wears a baldric and loincloth. Together with his close allies, Battle Cat, Teela, Man-At-Arms and Orko, He-Man uses his powers to defend Eternia from the evil forces of Skeletor, a tyrannical warlord with a skull for a face. Skeletor's main goal is to conquer the mysterious fortress of Castle Grayskull, from which He-Man draws his powers. If he succeeds, Skeletor would be able to conquer not only Eternia, but the whole universe.[1]
The franchise was turned into a movie in the year 1987 which starred Dolph Lundergen as He-man and Frank Langella as Skeletor. Basiclly the movie SUCKED 100%.
Anyway WHAT WILL BECOME OF THE FRANCHISE!?! who knows only time will tell. But you know what? No matter what happens, I think a movie about a man who only wears his underwear and carries a sword will have a bleak future...