According to Variety MTV are planning a modern remake of 'The Rocky Horror Picture Show'. MTV plan on using the original screenplay as well as including songs that were cut from the original version.
"After Janet accepts Brad's marriage proposal, the happy couple drive away from Denton, Ohio, only to get lost in the rain. They stumble upon the castle of Dr. Frank-N-Furter, a transvestite who is holding the annual convention of visitors from the planet Transsexual. Frank-N-Furter unveils his creation, a young man named Rocky Horror, who fears the doctor and rejects his sexual advances. When Frank-N-Furter announces that he is returning to the galaxy Transylvania, Riff Raff the butler and Magenta the maid declare that they have plans of their own."
Over the 30 years since it's release the original 'Rocky Horror Picture Show' has gained a huge cult following and has lead to special 'dress-up' participation screenings as well as releasing a host of merchandise that ranges from costumes, games and soundtracks.
No cast has been announced but it is anticipated to be released sometime during Halloween 2009.