The plan is to adapt The Elfstones of Shannara, the second novel (the first, The Sword of Shannara, infamously sails a bit too close to the Tolkien winds) as the first season and proceed from there.
The hyperbolic Hollwood Reporter article contains some interesting factual errors:
Apart from The Wheel of Time, the Drizzt Do'Urden books and The Dark Tower, of course."The Shannara books are estimated to be the highest-selling un-adapted fantasy book series in the world."
"Brooks is considered to be the second-highest-selling living fantasy author, trailing only Harry Potter mastermind J.K. Rowling."Not even remotely true. If the previous figures are accurate (26.5 million sales worldwide, 15 million or so in the USA alone), then Brooks has been outsold by Stephen King, Terry Pratchett, R.A. Salvatore, Christopher Paolini, Anne Rice, Stephanie Meyer, Charlaine Harris and George R.R. Martin have outsold him. If, as the article suggests, Brooks's sales are 26 million in the USA alone, that puts his world wide sales likely in the 40-50 million bracket. Even in that case, he's still been outsold by King, Pratchett, Rice and Meyer, and is at parity with Paolini.
Inaccurate reporting aside, this is interesting news. Avoiding The Swords of Shannara, which is both diabolically awful and 'similar' to Lord of the Rings, is a very good idea. The quality of Brooks's writing improves immensely after that first novel. However, given the quality of the source material (readable popcorn entertainment) and the creative forces involved (Smallville was watchable hokum at best), we're probably talking something a lot closer to Legend of the Seeker than Game of Thrones in tone and styling.