(CNN) — HBO Max is scaring up a new tale in the world of Stephen King’s “It.”

The streaming network on Thursday announced it will be bringing an “It” prequel series to the service, tentatively titled “Welcome to Derry.”

The show was developed by the filmmakers behind the recent movie remakes, Andy Muschietti and Barbara Muschietti, and Jason Fuchs (“Wonder Woman”).

Andy Muschietti, who directed the successful 2017 and 2019 “It’ films, will direct multiple episodes of the series, including the first episode, HBO Max said. (CNN, like HBO, is part of parent company Warner Bros. Discovery.)

“‘It’ is an epic story that contains multitudes, far beyond what we could explore in our ‘It’ movies. We can’t wait to share the depths of Steve’s novel, in all its heart, humor, humanity and horror,” Andy Muschietti and Barbara Muschietti said in a statement.

In “It,” a group of Maine preteens — later seen as grown adults — is terrorized by a murderous clown named Pennywise, played by Bill Skarsgard in the most recent films.

HBO Max made no announcements about cast on Thursday.

In a statement, King said he was “excited that the story of Derry, Maine’s most haunted city, is continuing.”

“Red balloons all around!” he said.

Fuchs is set to serve as showrunner alongside Brad Caleb Kane.

‘It’ prequel ‘Welcome to Derry’ coming to HBO Max