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Halo on Paramount+ has been canceled after only two seasons
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Halo has worked live action in the past, albiet for shorter durations (Halo 3 and ODST both had really well done live action ad campaigns, plus there was Forward Unto Dawn).
The problem is Paramount completely missed the mark in terms of tone and faithfulness to the source material, and it seems like they didn't even try. They just went "Big green guy punches aliens, that's what those gamerzz like, right? We can do that for a few million bucks."