The drama focuses on a young production assistant working on a television show called Cult.
When a number of disappearances and a possible murder take place, she teams up with a blogger to investigate fans who may be copying crimes seen on the show.
The project was originally in development with some differences six years ago but was dropped when UPN and The WB merged into The CW, Deadline says.
Cult has been penned by Rockne O'Bannon, whose previous credits include The Twilight Zone, Farscape and V.
Meanwhile, Josh Schwartz and Stephanie Savage - who have collaborated on Gossip Girl, The O.C. and Hart of Dixie - have signed up to executive produce.
Schwartz and Savage are also currently developing The Carrie Diaries for The CW, while other projects in the works at the network include a legal drama produced by Eva Longoria, a show from JJ Abrams and One Tree Hill creator Mark Schwahn, and a romantic comedy called Swordfighting.