The limited series will follow Pearlman's rise to music mogul as well as his fall to fraud.
Lou Pearlman’s tarnished legacy will live on.
A week after the disgraced Backstreet Boys and *NSYNC manager died, Magnet Management and Conde Nast have acquired the rights to a recent article about Pearlman, intending to develop the story as a limited series for television, ET confirms.
WATCH: Lou Pearlman, Former Manager of the Backstreet Boys and *NSYNC, Dies In Prison at 62
Pearlman, who ran a $300 million Ponzi scheme, died on Aug. 19 at the Federal Correctional Institute in Miami Florida, where he was serving a 25-year sentence for his crimes.
The developing series will draw from the recent New Yorker article titled, "We Live in a Pop-Culture World that Lou Pearlman Created," telling the story of Pearlman's rise from struggling business owner to music mogul, as well as his fall to fraud.
"Next is really just finding the right fit of who can tell the story in the best way," Magnet Management producer Jon Kanak reveals to ET. "We've had a number of high level writers and directors reach out. Right now it's just about finding the right fit."
Whether Pearlman's former clients, including the Backstreet Boys, *NSYNC, O-Town and others, will have any involvement in the series is still unknown.
While his acts (all except US5) ended up suing the boy band impresario for misrepresentation and fraud, many expressed mixed reactions to his death.
Backstreet Boy member AJ McLean recently opened up to ET on Pearlman's death, saying he had "already made his personal peace" with his former manager.
"I had very mixed emotions," McLean shared. "I think he was in the place he deserved to be -- prison -- but I am still sad at the way he died, at that he was alone."
"I'll always remember Lou as 'Big Poppa' and be grateful for the opportunity he gave me," he added.
Former *NSYNC member Justin Timberlake took to Twitter to express his condolences.
"I hope he found some peace," he tweeted on Sunday. "God bless and RIP, Lou Pearlman."
See more on Timberlake's statement, as well as other reactions to Pearlman's death in the video below.