The network, home to "Jane the Virgin", is teaming with "The OC" creators Josh Schwartz and Stephanie Savage to reboot Dynasty, said The Hollywood Reporter.
The drama, which is in development, is based on the soap of the same name that aired for nine seasons on ABC and was created by Richard and Esther Shapiro and executive produced by Aaron Spelling.
Both the Shapiros are attached to reboot, which is being penned by Sallie Patrick ('Limitless', 'Revenge'), Schwartz and Savage. All three will exec produce. Fake Empire's Lis Rowinski will co-exec produce.
The drama, a direct response to CBS hit "Dallas", became one of megaproducer Spelling's biggest contributions during the 1980s.
Set in Denver, Colorado, and following a group of one-per centers (the Carrington family), Dynasty was the Number 1 show in America in 1985. The cast included, most notably, John Forsythe, Linda Evans and Joan Collins.
The revival comes five years after Collins said Esther had been prepping a revival of the series that ultimately did not come to pass.
The cast most recently reunited in 2015 for a Hallmark one-off in which they shared memories and more. ABC attempted to create a spin-off, "The Colbys", with Spelling and the Shapiros attached but the series lasted only two years.
But interest in the show quickly lagged and the death of star Larry Hagman, the center of both the 1978 original and the remake, prompted the network to pull the plug after just three seasons.
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