It is unclear at this time if Fraggle Rock will land on the big screen in its original incarnation, with popular characters Gobo, Wembley, Mokey, Boober and Red appearing as puppets. Or if New Regency, who recently acquired the rights to the property, will turn it into a live-action CGI mix, like their popular franchise Alvin and the Chipmunks, which continues this December with the third film Alvin and the Chipmunks: Chip-Wrecked.

New Regency acquired the property rights to Jim Henson's popular HBO family show yesterday, which originally ran for five seasons starting in 1983. The film has long been in the planning stages, and now, it will finally move forward.

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Fraggle Rock revolves around a group of rock dwelling creatures who come in contact with human beings. They are at first believed to be aliens. There is no set start date for this potential family film franchise, but it will likely arrive in time for the holidays in 2013. Fans can expect a rush on Fraggle Rock if The Muppets reboot proves to be a winner at the box office this Thanksgiving.