Well, Neil Gaiman fans, there is some good news and some bad news about the American Gods TV adaptation. The bad news is that HBO is no longer making the series. After years of development hell, it sounds like the world’s biggest cable channel has recently decided to pass on the program.

The good news is that there will still be an American Gods TV series. As of today, FreemantleMedia has signed a new deal to develop the series. FreemantleMedia is the company behind The Tomorrow People and the upcoming series, The Returned.

Here’s an excerpt of the official press release from FreemantleMedia, which was released earlier today.

Gaiman, the creator of the celebrated Sandman comic series, and the author of bestselling novels The Graveyard Book, Coraline and The Ocean at the End of the Lane, will Executive Produce the series along with FremantleMedia. Gaiman was represented in the deal by Jon Levin at CAA on behalf of literary agent Merrilee Heifetz at Writers House.

The plot posits a war brewing between old and new gods: the traditional gods of biblical and mythological roots from around the world steadily losing believers to an upstart pantheon of gods reflecting society’s modern love of money, technology, media, celebrity and drugs. Its protagonist, Shadow Moon, is an ex-con who becomes bodyguard and traveling partner to Mr. Wednesday, a conman but in reality one of the older gods, on a cross-country mission to gather his forces in preparation to battle the new deities.

The acquisition of American Gods reflects the recent ramp-up in development activity by FremantleMedia North America’s scripted television division, most recently seen in the sale of the US adaptation of the hit French format “The Returned,” currently in development at A&E, Carl Hiaasen’s novel “Basket Case” in development at Spike with Rob Reiner attached and “TheTomorrowPeople,” picked up for a back-nine order by The CW.

I’m glad we’re still getting an American Gods TV series, but I have to admit that I’m just a teeny bit disappointed that it won’t be airing on HBO. They have a pretty high budget that could be used for some of the wilder special effects that the story calls for, and after making True Blood and Game of Thrones, Gaiman’s popular novel would fit right in.

What do you think about this news? Are you excited that we’ll still be getting an American Gods TV series? Are you disappointed that the series will not be made by HBO? Why don’t you just tell us what you think in the comments below?

Source: iO9