According to Deadline, New Regency now has the rights to make a film out of the Jim Henson HBO series. The Jim Henson Company is set to produce the film with Montecito Picture Company.
Premiering in 1983 on HBO, Fraggle Rock ran for five seasons and went around the world to over 80 countries. The puppet characters lived in an underground world called Fraggle Rock and they also interacted with the humans in their world. The humans thought they were some sort of aliens.
New Regency also controls the Alvin and the Chipmunks franchise which has been a huge money maker for them. At this point it’s unknown whether the film will use real puppets or have a CG/live-action mix.