Who's behind a reboot of Masters of the Universe!

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Dec 14, 2012, 3:54 PM EST

Warner Brothers and producer Joel Silver have set Kung Fu Panda co-director John Stevenson to make his live-action directing debut on Masters of the Universe, a re-imagining of the signature Mattel toy line, Variety reported.

He-Man is a brawny prince who transforms into a warrior who becomes the last hope for a magical land called Eternia, which is being ravaged by technology and the evil Skeletor.

Silver is producing through his Silver Pictures banner. Mattel's Barry Waldo will be executive producer.

WB acquired the property in 2007, and Justin Marks wrote the first draft of the script based on a story he developed with Neil Ellice.

The Mattel property became iconic by way of the 1980s cartoon series He-Man and the Masters of the Universe, and the property was previously turned into a campy flop by Cannon Films in 1987, with Dolph Lundgren as He-Man and Frost/Nixon star Frank Langella as the villainous Skeletor.