The option that Warner Bros. has held on the Masters of the Universe property is being allowed to lapse by mutual agreement between Warners and Mattel, according to Variety.  The companies disagreed over the direction of the project, according to the report. 

This means the end of producer Joel Silver’s involvement with the property, although director John Stevenson of Kung Fu Panda (see “He-Man Gets a Helmer”) is expected to stay. 

Mattel will now attempt to set up the property at another studio.