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Mego chose to release Lex Luthor as he appeared in the comics which is probably a logical move, it’s likely the licensing rights to Gene Hackman were not included and let’s face it, a Gene Hackman action figure wouldn’t sell anywhere near as well as the Luthor from “Challenge of the Superfriends”.
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Head sculpt by Ken Sheller, one can see the resemblence to Hackman but it’s not overpowering, which seems intentional.
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Luthor featured prominently on the packaging.