Kate McKinnon's Elizabeth Holmes Drama The Dropout Is Officially Happening at Hulu

The story of Elizabeth Holmes, the world's youngest self-made female billionaire who turned out to be a giant fraud, already inspired a ABC News podcast, a two-hour 20/20 broadcast, and an HBO documentary. Now it's getting the miniseries treatment too. On Wednesday, Hulu announced that it has picked up The Dropout, a limited series based on Holmes and the rise and fall of her company Theranos. Kate McKinnon will executive-produce and star as Holmes in the limited series.

Holmes was considered a chemical engineering prodigy when she dropped out of Stanford to create Theranos, a healthcare technology company that claimed to completely revolutionize blood testing. Holmes was the toast of Silicon Valley before it was discovered the technology she boasted about didn't actually work. Last year, she was indicted on nine counts of wire fraud and two counts of conspiracy to commit wire fraud, to which she pleaded not guilty, and now faces a possible 20 years in prison.

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The limited series is the first announced TV effort for Fox Searchlight, which was just absorbed by Disney in its purchase of Fox Studios. It's also McKinnon's first series regular gig outside of her work onSaturday Night Live.

In addition to McKinnon, the executive producers on the series include the producing team behind the hit ABC News podcast of the same name, including Taylor Dunn, Victoria Thompson, and host Rebecca Jarvis.

Hulu also picked up an adaptation of Liane Moriarty's Nine Perfect Strangers starring and executive-produced by Nicole Kidman, live-action series Marvel's Ghost Rider and Marvel's Helstrom, and a cooking show starring Chrissy Teigen and David Chang.