It is indeed happening at Fox.
Now, the movie adaptation ultimately turned a decent profit, as producer Don Murphy is more than happy to remind anyone who mentions it. It also essentially led to the semi-retirement of both director Stephen Norrington and Sean Connery, began Alan Moore's decision to never get involved with Hollywood again, and features one of the most obvious movie gaffes of all time when Alan Quatermain's name is actually misspelled on his tombstone at the end.
The idea is not necessarily a bad one for TV, though - look at how many shows we seem to have about fairy-tale characters teaming up. Might as well have the Victorian heroes do likewise, especially since we're already getting solo shows about Dracula and Ichabod Crane. I suspect it'll be less rape-y than the Alan Moore comic books, and that Moore as usual will loudly and publicly profess that he doesn't care and won't watch it, and by the way he's totally not seeking media attention at all.
Now: who do you cast, and which roster do you use (legal clearances permitting)?