"This was a project set up at Fox", Ferrell said, "but in the recent months we gave the project back to Mattel and are no longer involved".
The film had John Woo attached as a producer and Adam Rifkin (Underdog) attached as the writer. Fox2000 were set to produce and distribute the movie.
The film was scheduled to be made several years ago, however it has been delayed multiple times, has seen several writers come and go, and was waiting for Woo's buys schedule to clear up.
Mattel may still be interested in making a He-Man film with Woo in the future.