Well I'm a little sad, but okay about this news...
Warner Bros. and Mattel will be parting company on “Masters of the Universe,” the live-action reinvention of the signature Mattel toy line that WB and producer Joel Silver have been developing since 2007.
Mattel and WB didn’t see eye to eye over the direction of the project and made a mutual decision to let the option lapse this month. The film revolves around He-Man, a prince who becomes a warrior who battles the evil Skeletor for control of his magical homeland.
It's probably for the best. Hopefully a better deal well come through and that deal won't mess up my childhood memories.
source
