Exciting news for fans of the iconic '90s franchise: Power Rangers is gearing up for a live-action series on Disney+. According to The Wrap, the masterminds behind the successful Percy Jackson and the Olympians series, Jonathan E. Steinberg and Dan Shotz, are in discussions to take on the roles of writers, showrunners, and producers for this highly anticipated project, which will be developed in collaboration with 20th Century TV.

Hasbro, the current owner of the Power Rangers brand, is set on reimagining the series to captivate a new audience while maintaining the loyalty of long-time enthusiasts. The original Mighty Morphin’ Power Rangers series became a cultural phenomenon, captivating a generation of kids with its teenage heroes and their awe-inspiring mechs, which could combine into an even larger robotic entity.

In a strategic move, Hasbro acquired the Power Rangers franchise along with other brands from Saban Properties in 2018 for a whopping $522 million. At the time of the acquisition, Hasbro's chairman and CEO, Brian Goldner, expressed enthusiasm about the brand's "tremendous upside potential," envisioning a wide range of expansion opportunities across toys, games, consumer products, digital gaming, and entertainment, both locally and globally.

This announcement follows the disappointing performance of the 2017 Power Rangers movie reboot, which aimed for a darker, grittier tone but failed to resonate with audiences, leading to the cancellation of planned sequels. Shortly after, Saban decided to sell the rights to Hasbro.

In addition to the Power Rangers project, Hasbro is also working on several other intriguing ventures. These include a live-action Dungeons & Dragons series titled The Forgotten Realms, in development at Netflix, an animated Magic: The Gathering series also at Netflix, and plans for a Magic: The Gathering cinematic universe. With such a diverse range of projects, Hasbro is clearly focused on leveraging its popular IPs to entertain and engage fans across various platforms.