Nicholas Galitzine as He-Man in 'Masters of the Universe'; 'He-Man and the Masters of the Universe'. After almost 40 years, Eternia is once again getting the live-action treatment. In 1987, Masters of the Universe, the first live-action movie based on the Mattel action figures, was released in theaters. However, despite a great deal of fan passion, it was far from a success. Starring Dolph Lundgren, Courteney Cox, and Frank Langella, the film was a notorious box office bomb.