Fox is taking their musical game very seriously.

After the network announced Friday morning that they'll be turning the classic A Christmas Story into a live musical event, Fox announced that it also has a live production of the smash hit Rent in the works as well. Grease Live producer Marc Platt will oversee the proceedings along with the estate of Rent's original writer Jonathan Larson.

"We are so honored to partner with the estate of the brilliant Jonathan Larson and producer Marc Platt on one of the great musicals of our time," said Dana Walden and Gary Newman, Chairmen and CEOs, Fox Television Group. "The title is so iconic, the music is so beloved, and the themes are as meaningful today as they were when the show first premiered on Broadway. With Marc overseeing this project, we are sure it will have a profound impact on the legions of fans who know and love this musical."

Rent was first performed on Broadway 20 years ago this year. It is a re-imagining of Puccini's "La Boheme" and centers on seven artist friends struggling to maintain their Bohemian lifestyle while battling personal turmoil, HIV and their former cohort turned corporate landlord.

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The iconic musical was made into a film in 2005 starring Rosario Dawson as Mimi and original stage cast members Anthony Rapp, Adam Pascal, Taye Diggs and Idina Menzel.

Fox will announce Rent's premiere date and casting details at a later time.