FOX's announcement comes after NBC's December 2013 presentation of The Sound of Music Live!, which was a ratings blockbuster for the network. NBC is slated to present a live production of Peter Pan this holiday season.
Set to air in 2015, the three-hour broadcast of "Grease Live" will "reimagine" the popular musical, featuring the Warren Casey-Jim Jacobs songs from the stage production, in addition to "Hopelessly Devoted to You" and "You're the One That I Want," which were written by John Farrar for the film.
The live television event will feature a young ensemble cast of actors. "Grease Live" will be a Paramount Television production.
"From Broadway to film, and across generations, Grease is one of the most beloved musical stories ever told – and we can't wait to bring it to our air in a spectacular live event," said Shana C. Waterman, senior vice president of Event Series for FOX, in a statement. "Its iconic characters and addictive songs make it the perfect fit for FOX, and we're going to give it the kind of star power and production quality to make every Sandy, Danny, Rizzo and Kenickie out there want to get up and sing along."