The Muppets are my everything. Even more so than theatre, dare I say it. Although, they go hand-in-hand, considering their vaudeville inspirations, and how Frank Oz always described The Muppets relationship with each other as something as complex as a Eugene O'Neil play...
I have a friend who works with Disney Theatricals, and I just asked them about this project the other day!
They said, as of now, it's still in limbo. "On the shelf", as they said. BUT the president of DT is a huge fan of The Muppets and saw the success of the Hollywood Bowl show. Word is, it would definitely be a fleshed out version of that. He said that Bobby and Kristin Anderson Lopez have written some new songs for it, Alex Timbers is on tap to direct, and that the workshop a couple years ago was fantastic. So, it's not dead yet, they're just waiting for the right time to put it out there, and the time is definitely coming...
This would be such a smart move on Disney's end. They haven't been able to figure out what to truly do with the Muppets since they purchased them back in 2004. There have been multiple fails. The BEST thing to come out of it wasn't the Jason Segel movie - because, let's face it, not only was it a blatant rip off of THE COUNTRY BEARS film, but it was a movie FEATURING The Muppets... in a movie titled, THE MUPPETS... - but the sequel, MUPPETS MOST WANTED, was the closest they've come to really capturing their original spirit, and keeping it about the Muppets, not the stars. Unfortunately, the sequel made less money than the first film, and even with the good reviews, fan approval, and making back it's investment, Disney considers that a "flop". Heartbreaking that they wouldn't green light another sequel, because of their impossible standards, all while mismanaging the brand.
I think this Broadway show is exactly what they need - a return to their roots. A reboot of the original Muppet Show wouldn't work on television, because Disney would be using it as a commercial to broadcast their latest films/stars, as opposed to making it about THE MUPPETS. Also, the variety show format is, sadly, dead. The stage show would focus on The Muppets in their element, and who wouldn't want to see Kermit and the gang doing their thing on stage? If you haven't seen clips of the Hollywood Bowl show, go to YouTube and check it out!
I hope this happens soon. The Muppets need to be revitalized - and a tad off-topic, but I think the best thing Disney could do, is to give the Muppets back to the Henson company, let them make the films/tv specials/whatever, and keep a distribution deal. Like they did with Christmas Carol and Treasure Island. As Frank Oz said (I'm sure I'm paraphrasing a little here), "It's like being a huge fan of Nascar, and thinking you know everything about it.. then you get behind the wheel and realize you don't know how to drive the car..." Bottom line, Disney needs help with The Muppets, but they're being stubborn teenagers about guidance of the brand... One of the reasons Steve Whitmire got sacked, because he was (as he put it) "the last samurai" fighting for Henson's way. Meanwhile, they don't advertise The Muppet brand/company when they spout off the companies they own.. like LucasFilms, Pixar, ABC, ESPN... no mention of Muppet Studios anywhere, because they don't see them as a popular or viable franchise... Which at this point, they almost aren't, and that's all on Disney, not The Muppets.