To the delight of many, the Transformers franchise is officially being rebooted. The Transformers franchise has never been critically beloved, but many fans around the world were on board for these movies, until last year's Transformers: The Last Knight, which dramatically underperformed at the box office. Despite lofty plans for a Transformers cinematic universe, it looks like Paramount and Hasbro are hitting the reset button on the franchise and are going to do something new with it in the future.

Hasbro was present at Toy Fair 2018 where they provided an investor preview of what's to come. The company recently expanded their deal with Paramount Pictures, meaning that they're going to make more of their toys into movie franchises, including Micronauts and Dungeons and Dragons. Part of the new deal with Hasbro means that they'll have more say when it comes to making these movies. As such, that seems to have resulted in the decision to pull the plug on movies beyond Bumblebee, which comes out later this year. Then, it sounds like they're going to reboot the franchise entirely. Here's what fansite TFW 2005 had to say about it.

"Hasbro specifically stated that a new team at Paramount will reset the Transformers Live Action Movie Series following the release of Bumblebee: The Movie."

Normally, information like this coming from a fan website would need to be regarded as rumor. To some degree, this still should be, but they were present at the event where this information was presented. Not only that, but there's plenty of evidence that suggests this is probably the most logical thing to do with a franchise like Transformers at this point, from a financial standpoint anyway.

Transformers 6 has been totally removed from Paramount's schedule. As for their Hasbro slate outside of that franchise, they have a new G.I. Joe moving coming in 2020 in addition to a Micronauts movie, with a Dungeons and Dragons movie scheduled for 2021. Paramount and Hasbro also have an untitled event film slated for 2021, which could very well be this Transformers reboot. So much for all of that work Paramount did in that Transformers cinematic universe writers room. Who knows? Maybe they can repurpose some of those ideas for future movies. Michael Bay, who has directed all five Transformers movies, revealed last year that they have material for as many as 14 more movies. While Bay is almost surely not going to be involved in the reboot, that's a lot of material that could be put to use.

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Despite being loathed by many, Transformers has been a golden goose franchise for Paramount ever since the beginning. To date, the movies have grossed a combined $4.38 billion worldwide. However, Transformers: The Last Knight grossed a franchise-low $605.4 million last year, which is nearly $500 million less than Transformers: Age of Extinction made in 2014. That seems to signify that people have had quite enough of this version of the franchise. Bumblebee: The Movie is set for release on December 21 and, assuming this pans out, will be the last movie in the current Transformers continuity. This news was reported by TFW 2005.