Discussions over a visual adaptation of Neil Gaiman's Sandman comic book series have been going on for a long time now, usually stalling over issues of budget and script quality, particularly for the movie option. However, with HBO's aborted attempt to bring Preacher to the screen several years ago and AMC tackling The Waking Dead, it did appear inevitable that a TV company would take a crack at the material.
HBO was apparently interested in the property, but Warner Brothers have now snatched the rights and are developing a potential series with several collaborators looking to come on board. Frontrunner at the moment is Eric Kripke, the creator of the popular series Supernatural who recently quit that show when it was renewed for a sixth season despite Kripke having concluded his planned five-year arc for the show. Kripke is reportedly nervous about the prospect of tackling such a huge project, but is also up for the challenge.
Arguments about who can play Death and Dream can begin now (Brian Blessed for Destruction we'll take as read).