Deadline has an article where Jon Chu talks about the project.
Jon M. Chu is in talks to helm Masters Of The Universe, a live-action film based on the signature Mattel toy line that is in high gear at Sony Pictures and Escape Artists.
Talks are just getting underway with Chu, who is in the middle of a 3D conversion on G.I. Joe: Retaliation, and is preparing to shoot a couple of new scenes for the film, which was pushed to a March 29, 2013 release by Paramount. The Mastersfilm revolves around He-Man, a prince who transforms into a warrior and becomes the last hope for a magical world that has been ravaged by the sinister Skeletor.