Almost forgot -
According to the film, Cannon actually had plans for a "Masters of the Universe 2". They were working on it and a "Spider-Man" film when the numbers came back. They literally couldn't afford to keep the licenses after their last few big-budget numbers, including MOTU, flopped, and so both projects were halted.
Thing is, they'd already spent $2 million on costumes and sets for both MOTU2 and Spidey.
So to compensate, they told one of their writers to put together a script for a movie that could make use of everything.
Cue "Cyborg", one of the films that helped launch Jean-Claude Van Damme.
So yeah: He-Man helped launch Van Damme.
That being said, though, you have to wonder what an MOTU2 would have been like...