Fox plans to air Riverdale, a one-hour live action drama based on Archie Comics characters, Archie announced today.  Warner Bros. Studios and Berlanti Productions (which is producing Arrow and Flash, and produced Dawson’s Creek) will produce. 

The story will be a "bold, subversive take..., exploring the surrealistic twists of small-town life plus the darkness and weirdness bubbling beneath Riverdale’s wholesome facade," according to the announcement.  The show will feature the core classic characters, including Archie, Betty, Veronica, Reggie, and Jughead; newer character Kevin Keller; and other characters from the Archie library, including Josie and the Pussycats. 

Archie CCO Roberto Aguirre-Sacasa (see "Archie Appoints New CCO") will write.  The Fox order is "script plus penalty," according to Deadline, which indicates that it’s likely the show will get made. 

Aguirre-Sacasa explained the arc of the project.  "This is something we’ve been working on for awhile now, figuring out the best way to bring these characters to life for what will be, essentially, the first time," he said.  "...[I]t feels like the stars have finally aligned for Archie and the rest of the gang."