Panacea Entertainment, Park Avenue Entertainment andBlueprint Entertainment are behind the project.
Larry Kuppin, whose New World Entertainment hatched the first two Hellraiser films, will exec produce with Eric Gardner.
In the series, a tabloid journalist stumbles onto a plot between the ghoulish Pinhead and a zillionaire software magnate that would have dire consequences for mankind.
While Dimension Films continues to own featurefranchise rights, Gardner has repped the property since Kuppin reacquired the New World film library from Ronald Perelman in 1991.
WMA is packaging the series, which Blueprint likely will co-finance. A showrunner will be named shortly to script a pilot episode.
"The mythology of the character and the series has been worked out slowly over the years," Kuppin said. "Pinhead is one of the most branded characters in the horror genre. There are all kinds of psychological angles to be explored, along with a good scare."
Hellraiser was released September 11th, 1987 and stars Andrew Robinson, Clare Higgins, Ashley Laurence, Sean Chapman, Oliver Smith, Robert Hines, Anthony Allen, Leon Davis. The film is directed by Clive Barker.