(CNN)CW is looking to start its own "Dynasty."
The network has officially picked up a reboot of the iconic primetime soap, starring former "Sex&Drugs&Rock&Roll" star Elizabeth Gillies.
It hails from the duo behind the network's teen hit "Gossip Girl," Josh Schwartz and Stephanie Savage, as well as Sallie Patrick ("Revenge").
Like the ABC soap on which its based, the new series will feature two feuding wealthy families, the Carringtons and the Colbys. The reboot, however, is said to have more diversity than the original.
One of the main characters, played by "Vampire Diaries" alum Nathalie Kelley, is Cristal, "a Hispanic woman who marries into a WASP family and America's most powerful class." Kelley is a Peruvian-Australian actress.
"Dynasty" ran on ABC from 1981-89 and was known for its over-the-top catfights, fashion and unapologetic melodrama. A short-lived spin-off called "The Colbys" ran from 1985-87.
"Dynasty" was also said to have been a major inspiration for Lee Daniels when the producer was creating Fox hit "Empire."
The news of "Dynasty's" pickup comes as networks prepare to present their fall lineups to advertisers in New York as part of the annual Upfronts.
CW also ordered on Wednesday the superhero series "Black Lightning," a drama-comedy starring "Pretty Little Liars" Lucy Hale, and thriller "Valor."
Additionally, the network announced renewals for vampire series "Originals" and "iZombie."