The project, which was formerly in development at Sony, will be directed by film making duo the Nee Brothers and star "West Side Story" actor Kyle Allen as Prince Adam, or He-Man, both companies said on Friday.
The movie will revolve around an orphan named Adam who discovers that he is a prince destined to be the savior of a faraway land.
The franchise was first introduced through a line of action figures in 1982, a year before the animated series "He-Man and the Masters of the Universe" premiered.
U.S. toymakers like Mattel and Hasbro (HAS.O) have been competing for lucrative contracts with Hollywood studios in recent years. Mattel has also struck deals with Disney for Pixar Animation Studio's "Toy Story" and "Cars" franchises, as well as "Lightyear".
Earlier this month, Mattel won the rights to produce dolls based on Disney royalty including Elsa and Jasmine, snatching back the license from archrival Hasbro Inc.Source: Reuters