Netflix, as you know, is vacuuming the market for popular brands to turn into movies and especially series, and a few years ago it was reported that they picked up Power Rangers. Since then, it's been quiet, and it seems that things haven't gone as planned.
TV Line is now reporting that Netflix has simply decided to give up on the project. This means that the rights go back to Hasbro, who will now develop "a new creative direction" and make a second attempt to sell the show to someone else.
Sad of course, but luckily we gamers have some other Power Rangers entertainment to look forward to. During Summer Game Fest, Power Rangers Rita's Rewind, a retro-inspired beat 'em up developed by Digital Eclipse, was announced, which was widely regarded as one of the most promising announcements of the event. It will be released next year for PC and unspecified consoles (which probably means Switch 2 is one of them).