Mattel Inc. and Netflix are producing "Masters of the Universe," a franchise created by the toymaker in the 1980s, into a live-action motion picture with production slated to start in summer 2022.

The project, which was formerly in development at Sony, will be directed by filmmaking duo the Nee Brothers and star "West Side Story" actor Kyle Allen as Prince Adam, or He-Man, both companies said on Friday.

The movie will revolve around an orphan named Adam who discovers that he is a prince destined to be the savior of a faraway land.

The franchise was first introduced through a line of action figures in 1982, a year before the animated series "He-Man and the Masters of the Universe" premiered.

United States toymakers like Mattel and Hasbro have been competing for lucrative contracts with Hollywood studios in recent years. Mattel has also struck deals with Disney for Pixar Animation Studio's "Toy Story" and "Cars" franchises, as well as "Lightyear."

Earlier this month, Mattel won the licensing rights to produce dolls based on Disney royalty, including Elsa and Jasmine, snatching back the license from archrival Hasbro Inc.

The reunion comes after Hasbro bested the rights for the "Frozen" and princess products away from Mattel in 2014. Disney released "Frozen" in movie theaters in November 2013, and it became an instant success. "Frozen" and the sequel, "Frozen II," are in the top 20 highest-grossing films of all time.

The new multiyear global deal between Disney and Mattel will allow Mattel to develop toys for Disney consumer products, games and publishing, including fashion dolls, small dolls, and figures.

Mattel will develop dolls based on Disney Princess including Aladdin, Beauty and the Beast, Brave, Cinderella, The Little Mermaid, Mulan, Pocahontas, The Princess and the Frog, Sleeping Beauty, Snow White and the Seven Dwarfs, Tangled, Disney Frozen, The Little Mermaid Live Action, Moana D+ Series, Tiana D+ Series, Aladdin Live Action, Beauty & the Beast Live Action, Cinderella Live Action, and Mulan Live Action.

"By furthering our longstanding relationship with Mattel, we look forward to expanding the worlds of Disney Princess and Frozen, introducing an innovative new era of these beloved franchises through captivating products and play opportunities," Stephanie Young, president of Disney consumer products, games and publishing, said in a statement.

The products are expected to launch at retail outlets worldwide at the start of next year.