FOX announced yesterday they will broadcast "Grease" in a three hour live production. With a new young cast (who has yet to be named), the Pink Ladies and T-Birds will head back to Rydell High on the small screen in 2015.

The 1971 musical went movie mode in 1978 starring John Travolta and Olivia Newton-John. According to Broadway World, the film grossed over $400 million, making it the highest grossing musical-movie ever.

"From Broadway to film, and across generations, Grease is one of the most beloved musical stories ever told - and we can't wait to bring it to our air in a spectacular live event," Shana C. Waterman, senior VP of event series for FOX explains. "Its iconic characters and addictive songs make it the perfect fit for FOX, and we're going to give it the kind of star power and production quality to make every Sandy, Danny, Rizzo and Kenickie out there want to get up and sing along."

The tentatively titled "Grease Live" will be a Paramount Television production.

"It's incredibly exciting to have one of our first major network productions be based on this universally celebrated Paramount title, and we're thrilled to be partnering with Kevin, Joe and Shana on this epic television event," Amy Powell, the president of Paramount TV, added. "FOX's passion for engaging audiences with bold storytelling and live musical formats make it a perfect home for this special broadcast."

Philly.com points out NBC received a high ratings boost for their "The Sound of Music" live show starring Carrie Underwood. They are said to be working on a live "Peter Pan" performance for next year.

Are you so excited to watch Grease again? Who would you like to see cast? Let us know your thoughts in the comments section below!