Rainbow Brite is coming back.

The once-popular kids franchise is being resuscitated by Crayola Studios and Hallmark with grand plans for a feature film and TV series that would likely bring the superhero tot, Starlite the horse and a kaleidoscope of colors to screens big and small. The companies confirmed the news Monday during a year that marks a milestone 40th anniversary for the franchise, which launched in 1984 with the first animated TV series. It sparked numerous specials, follow-up series, films, merchandise and more.

On the film front, Neal H. Moritz and Toby Ascher at Original Film are developing a theatrical Rainbow Brite project. Details are slim so it’s unclear how far along the project is and if there’s a writer or director in place. Hollywood veteran Moritz and Ascher have experience updating beloved properties for the big screen after translating the Sonic the Hedgehog franchise from a video game series to a blockbuster franchise.

“We’re so excited to partner with Crayola Studios and Hallmark on Rainbow Brite and can’t wait to bring an exciting new franchise to audiences worldwide,” said Moritz, who has well more than 100 credits on his resume, including The Fast and the Furious franchise and more recent projects like The Boys, Gen V, S.W.A.T. and Spenser Confidential.

For the small screen, Cake, an independent entertainment company that specializes in kids’ and family properties, has signed on to help develop a series with contemporary appeal. The reimagined series will be set in a “magical world” and traffic in themes close to the heart of Rainbow Brite’s origins of friendship, teamwork and “the power of color and optimism to overcome darkness and negativity.” Rainbow Brite will once again serve as a role model and creative inspiration “who brings all the colors of the rainbow to the universe is transported to a dark and gloomy place with a mission to bring color, light and happiness to the world,” per an official logline.

Cake CEO Ed Galton said his team is thrilled to team with Crayola and Hallmark to “breathe new life” into Rainbow Brite: “The opportunity to reimagine such a beloved and iconic brand is incredibly exciting, and we can’t wait to bring its color, magic and optimism to a new generation of fans around the world.”

A recent Rainbow Brite TV series, which debuted in 2014, followed the adventures of an 8-year-old girl and was voiced by Emily Osment. Molly Ringwald played the Dark Princess, while Marcus Toji, Mark C. Hanson, Alexandra Krosney, Cam Clarke, Todd Bosley, Evan Cooper and Mariana Flores rounded out the voice cast.

Crayola Studios led the negotiations with Original Film and Cake in partnership with leading brand builder and children’s entertainment executive Rick Glankler at Goatfish. Crayola Properties will manage licensing and merchandising for the updated Rainbow Brite projects.

“Working alongside Hallmark, Original Film and Cake, our large-scale plans for Rainbow Brite across film, TV and beyond demonstrates Crayola Studios’ broad ambitions,” Crayola executive vp Victoria Lozano said. “The reimagining of this iconic brand through the Crayola lens of color and creativity is aligned with our mission to develop joyful and inspiring family entertainment content that helps develop lifelong creative mindsets.”

Added Hallmark executive vp and chief culture and strategy officer Sabrina Wiewel: “In this milestone year for Rainbow Brite, we are thrilled to be working with Crayola Studios, Cake and Original Film on this vivid reimagining of the beloved brand. It has proved its appeal over the past 40 years, and we can’t wait to strengthen connections with loyal fans and introduce a new generation to the dazzling world of color and imagination.”