I think this is a huge mistake. After seeing the televised live event it was clear that the structure of the story and the script itself (with a really unsuccessful revision by Harvey Fierstein) is just not sophisticated enough for Broadway in 2016. Also the staging and choreography (if they in fact are going to transplant the tv version to the stage) is just bland...it wasn't the least bit as creative as the original. They used men in gold glittery suits to represent the yellow brick road (that's theater), the televised live event did not (in my opinion and i may be in the large minority) have a drop of what I consider to be theatrical thinking in it.
That aside, I'm not sure it's possible to put the Wizard of Oz on Broadway at all these days. We know the story, we have the movie, and its structure is just too old fashioned to really captivate audiences. Wicked (say what you want about how good/bad you think it is) works because it's using what we love (all the elements of Oz) and is telling us the untold story. The Wiz revival, although it has GREAT music, will not be able to steal any of Wicked's audience. Unless they are planning to pack this with stars to grab ticket buyers attention I just don't think it will work.
L. Frank Baum wrote dozens of Oz stories....if they want to do Oz, why not tell another chapter that we aren't so familiar with.