MTV has announced that they will be remaking "The Rocky Horror Picture Show."
No director has been announced yet, nor has any casting or potential casting. Lou Adler, the Executive Producer on the original movie, will produce the remake. They say they'll be using the original film script.
According to Variety, "'I'd like to see it shown a year from this coming Halloween, but that's up to MTV,' Adler said."
Sources: Variety, The Daily News, The Movie Blog, International Movie Database
IMHO, it sounds like it could be a really, really bad idea. Especially the "using the original film script" part -- that almost never works out well.