Despite WBs pullout, the movie has not been officially canceled. If the movie continues to be worked on, it is expected that John Stevenson would still be the director, but it would require a change in director and maybe other lineup. As Film Junk put it:

The move from Warner was expected though since they recently decided to devote more of their time towards DC Comics and their respective properties, which meant that other projects of the same nature would most likely get dropped. Mattel, however, hasn’t given up on the movie just yet and director John Stevenson (who directed the horrid animated feature Kung Fu Panda) is expected to remain with the project which they are actively searching to get set up elsewhere.

We will report on new developments as news about them surface.

However, this year was an official announcement of a 2011 He-Man movie, which will be directed by John Stevenson, who is a director of last year’s Kung-Fu Panda (an Oscar nominee that lost to Wall-E). The script they work on seems to be the same as the one talked about last year.

We’ll keep you updated once we are able to confirm more info.

We here at He-Man Fans are eagerly awaiting the movie. The 1987 movie, Masters of the Universe, was a fiasco, so we are definitely hoping they won’t err two times. As the movie is rumored to have great funding, there is hope that we will see a much better version this time.

There are no official word on casting or direction yet (except that there is none), but the plot will allegedly go something like this:

A warrior is touted as the last hope of a magical land called Eternia, which is being ravaged by technology and the evil Skeletor.

The script is said to be complete and a version of it has been read and reviewed by some. Some rumors and spoilers concerning the script are circulating around the blogosphere.