Exciting news for fans of the iconic franchise: a new live-action Power Rangers series is reportedly in the works for Disney+. The Wrap has revealed that Jonathan E. Steinberg and Dan Shotz, the creative minds behind the successful Percy Jackson and the Olympians, are currently in discussions to helm this project as writers, showrunners, and producers in collaboration with 20th Century TV. This development signals a significant move by Power Rangers owner Hasbro to refresh the beloved series while maintaining its appeal to existing fans.

The '90s classic, The Mighty Morphin' Power Rangers, captivated a generation with its teenage superheroes and their impressive mechs that could combine into an even larger mech. This nostalgic connection is what Hasbro aims to leverage as they continue to explore the franchise's potential.

In 2018, Hasbro acquired the Power Rangers franchise from Saban Properties for a hefty $522 million. At the time of the acquisition, Hasbro's chairman and CEO, Brian Goldner, expressed enthusiasm about the brand's future, stating, "We see significant opportunity for Power Rangers across our entire Brand Blueprint, including toys and games, consumer products, digital gaming and entertainment, as well as geographically throughout our global retail footprint."

This acquisition followed the less-than-stellar performance of the 2017 movie reboot, which attempted a darker, more mature take on the Power Rangers. Despite ambitions for a series of sequels, the project was abandoned due to disappointing box office results, leading to Saban's decision to sell the rights to Hasbro.

Hasbro's ambitious plans for Power Rangers align with their broader strategy to expand their entertainment portfolio. Other notable projects in development include a live-action Dungeons & Dragons series titled The Forgotten Realms at Netflix, an animated Magic: The Gathering series also at Netflix, and a cinematic universe for Magic: The Gathering. These initiatives demonstrate Hasbro's commitment to revitalizing and expanding their iconic brands across various platforms.