In an interview over at Crosswalk, Sony Vice President DeVon Franklin offered a small update on the status of the He-Man and the Masters of the Universe reboot Grayskull script:

"One of other things I'm really excited about is we're doing a reboot of the 1980s franchise Masters of the Universe. The He-Man franchise. Very excited about that. Should have that script very soon. I'm praying that we can start figuring out how we're going to make it."
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Alex Litvak and Michael Finch were brought on last April to pen the script.

No director is attached to the project and no production date has been set.