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.

RELATED: See photos of Jo Gaines and her sister together

13 PHOTOS
Joanna Gaines and her lookalike sister
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Joanna Gaines and her lookalike sister
Today's house was my all time favorite #fixerupper ...we got to reveal this house to my sweet sis and her family of seven (going on 8!). I can't contain the excitement-after nine years they are finally coming back to Waco! Can't wait for you to see this episode 😍 #vintagemodern #plantladiesforever
Did you hear the news?! Beyoncé's twins are here!! @people 🇺🇸 ❤️
Filming a design meeting with my sister today (!!!!!!!) and clearly Rover is not impressed. #fixerupper #season5iscoming @hgtv (📷: @matsumoto818 )
We are eating at @thesugarfactory with our five little girls in NYC ... I think they are rubbing off on us. #hyper #sisters🍭#sugarfactorynyc
My sis is a crazier #plantlady than I am. I knew the spring #magnoliahome accessory line had to have plant stands for crazies like us... these stands will be available this summer at @magnolia in three different finishes! 🌱🌿
Shorty's Pizza shack, butterfinger blizzards, and shopping for old vinyls... that's a good night out with the sis' #husbandswatching9kidsbackhome #thksguys #❤️ @spinconnection
Had so much fun tonight w/family #inluck with @wholesomewave #willienelson #fixfood
I was laughing this morning when I started getting texts and messages congratulating me on my new baby! No, I didn't have a baby and no, I'm not pregnant 😉but my sister shines and I'm so proud of her! #numberfive #notme #her
Late night decorating fun with my little sister! #👭 #reveal #fixerupper #gotobed
Well I thought my little sister came to visit me this week but I think she actually came for a cupcake. Or two. Or twenty. #shesnotscared #stockpiling #silosbakingco
In High Point, NC setting up our furniture showroom this week! I have a car full of plants, coffee, and good friends to help get this thing to the finish line. #magnoliahome
Showing my sis the silos and after many attempts for a cute pic we finally gave up. #theselfiestruggleisreal
Took a trip and surprised my little sis this weekend- she's about to have her fifth baby. Yes five. We drank coffee, went antique shopping, and ate like we were both pregnant. I am now refreshed and ready for the two big reveals this week! #seasontwo #fixerupper #thanksmikey
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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.

12 PHOTOS
Joanna Gaines' Easter collection
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Joanna Gaines' Easter collection
Hinged Metal Bud Vase, $24.99
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Cupcake Stand, $5.99
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