OK, this news is blowing my dome on so many levels. First of all, the news itself [1]:

After months of gossip and speculation, [Gossip Girl] creators/exec producers Josh Schwartz and Stephanie Savage are proceeding with a spinoff that will serve as a prequel to the hot sophomore drama and chronicle the wild teen years of Lily van der Woodsen (Kelly Rutherford) in Los Angeles in the 1980s.

So. . .

1. Now we know it is all about young Lily, which is fine by me. Schwartz said he didn't want to "upset the chemistry" of the current cast and I think that's smart.
2. L.A. in the '80s?! Yeah!
3. Schwartz says he is also "inspired by the opportunity to tell overlapping stories and introduce characters that will appear in the past and the present — and hopefully enrich both shows," which is so time-warpy and kind of fun. Think of the possibilities! If we meet Lily's first boyfriend in the spin-off, say, he can show up on Gossip Girl later to wreak havoc. That's some synergy, folks, and I like it.

How do you feel about this? Good news? Bad news? Do you wish another character were getting the spinoff instead?

Photos courtesy of The CW [2]