Chip and Jo Gaines' new Magnolia cable channel will take over what's currently DIY Network

DIY Network is, appropriately, about to undergo a major makeover.

Chip and Joanna Gaines, who rose to fame on HGTV's "Fixer Upper," are spearheading the newly-minted Magnolia channel, which will take over DIY Network as a rebrand. While the name hasn't yet been officially determined, the word "Magnolia" will almost certainly be front and center, according to The Wrap.

The couple will star on a new series once the channel debuts in summer 2020. A subscription streaming service is also being developed.

Reruns of "Fixer Upper" will be shuffled off of HGTV and find their new home there. DIY Network is under the Discovery Network umbrella, as is HGTV.

"We want honest, authentic programming that brings families together,” Chip and Jo Gaines said in a statement.

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“They’ve got authenticity and relatability, that special something that is so difficult in our business to find," Discovery's CEO, David Zaslav, said in a statement. "People love them, their taste, their businesses – they’ve built an ecosystem that aligns perfectly with our vision at Discovery for fueling people’s passions."

News of the Gaines' exit from HGTV left fans shocked: "Fixer Upper," which ran from 2013 to 2018, was one of the channel's most popular programs of all time.

In addition to developing new ventures, the couple is busy with five children, including 10-month-old Crew, born in 2018.