10/19/2011 05:06 pm ET Updated Dec 19, 2011

Mick Jagger and Martin Scorsese Are Making A TV Show Together

For all of you Rolling Stones fans who have been sitting around wondering, "When on EARTH will Mick Jagger finally become an executive producer of a major new television show?" Today is your lucky day.

Jagger and Martin Scorsese are developing a new HBO drama revolving around the 1970s rock scene, according to the Hollywood Reporter. The show's script is from Terence Winter, who also created HBO and Scorsese's current drama-of-the-moment, "Boardwalk Empire," and will track the exploits of a "cocaine-fueled record executive in New York City circa 1977," at a time "when punk, disco and a new form of music called hip-hop collided."

At the same time, Showtime is developing a rock industry drama of their own. Deadline reported in June that "Vinyl," which is set to take place in Los Angeles in the 1970s, will explore the music business from "multiple vantage points." The script was penned by Jason Smilovic and Todd Katzberg, who previously worked together on ABC's short-lived drama, "Kidnapped."

Hey, a bit of healthy competition never hurt anyone! Although competing with a rock icon and one of the greatest film directors of all time might be a tough battle.

Perhaps Jagger's foray into rock-tainment is simply a ploy to one-up his bandmate, Keith Richards, who recently told The Telegraph that his autobiography, "Life," was in the preliminary stages of being adapted to film.

Richards wondered if any actor could possibly embody him on screen, but has he already forgotten Johnny Depp, who claimed Richards as his muse for Captain Jack Sparrow? We'll be very distraught (and slightly amused) if this "Life" adaptation is just an excuse to make another "Pirates of the Caribbean" sequel.