A new live-action movie based on ‘Masters of the Universe’ toys is reportedly “dead” at Netflix.

Insiders said that close to $30 million has already been spent on development costs for the movie, based on He-Man and a slew of other iconic figures by Barbie maker Mattel, but the streaming giant has decided to drop the project.

A spokesperson for Mattel confirmed to Variety the ‘Masters of the Universe’ film is no longer at Netflix, but did not provide any further comment.

A Netflix spokesperson had no comment.

The project’s torturous journey to the screen goes back to 2007, with studios Warner Bros. and Sony Pictures in talks over the project.

Dolph Lundgren previously played He-Man in a previous ‘Masters of the Universe’ film from 1987.

Variety added “five individuals with knowledge” of the film said it was dropped by Netflix “over budget concerns”.

The publication added the movie was due to be set on the planet Eternia and due to focus on the conflict between He-Man and his nemesis Skeletor.

Variety said insiders added it had a projected budget of more than $200 million, with cameras set to roll this February.

But last spring Netflix shed $50 billion in value after investors became concerned about the company’s subscriber losses and sources said the film was shelved.

Variety added: “A source familiar with Netflix said the stock drop was irrelevant to budget issues on ‘Masters,’ noting that Netflix’s content spend has been flat at $17 billion for two years, despite market fluctuation.”

The Nee brothers are said to have been lined up to direct the film, and an insider said Netflix and the filmmakers even considered shooting ‘Masters of the Universe’ and a proposed sequel simultaneously to cut expenses.