UPDATE, 9:25 AM: Prospect Park has sent out a letter from Rich Frank and Jeff Kwatinetz confirming our earlier break. The new developments include confirmed deals with SAG-AFTRA and the DGA — sticking points in previous talks — and inking the soaps’ creator Agnes Nixon to a consulting agreement. Here’s the entire letter, which says a launch date for the anchor programs on the company’s The Online Network will be announced in the coming weeks:

We are pleased to confirm that Prospect Park is reviving the beloved soap operas, All My Children and One Life To Live as the anchor programs on The Online Network (TOLN). Today we are also pleased to confirm that Prospect Park has: 1) signed guild agreements with both SAG-AFTRA (Screen Actors Guild and the American Federation of Television and Radio Artists) and the DGA (Directors Guild of America); 2) entered into a consulting agreement with Agnes Nixon the creator of All My Children and One Life to Live guaranteeing her active involvement; 3) hired Foz McDermott (coordinating producer Heroes) as TOLN’s head of production, Jennifer Pepperman (Director, One Life to Live) as Executive Producer on One Life to Live, and Ginger Smith (Producer, All My Children) as Executive Producer on All My Children; and 4) arranged the necessary financing to begin production in February on both All My Children and One Life To Live.

We thank the loyal audience and new generation of fans of both shows who have demonstrated that passion and exciting story lines are not just reserved for traditional television. Their enduring support encouraged us to move forward each and every day. We look forward to sharing more details including our launch air date and additional specifics in the coming weeks.

Please encourage fans to visit http://www.theonlinenetwork.com/ to subscribe to updates.

Thank you,

Jeff Kwatinetz and Rich Frank

PREVIOUS, 8:16 AM: For the past three weeks, since we first broke the story that Rich Frank and Jeff Kwatinetz’s Prospect Park has revived its plan to continue cancelled ABC daytime dramas All My Children and One Life To Live online, the company has kept quiet on the subject as it has continued to work on guild agreements, financing and distribution. I hear Prospect Park has now put most key pieces in place and is ready to publicly acknowledge its plans, likely later today. The company behind USA hit Royal Pains inked deals with SAG-AFTRA and DGA for the soaps’ production in December. I hear Prospect Park reached out to WGA a couple of weeks ago and is awaiting a response. Filming is eyed to begin next month in Stamford, CT, with the producers already signing executive producers and actors, including AMC‘s Vincent Irizarry. Prospect Park’s plans also have received the blessing of Agnes Nixon, creator of both All My Children and One Life To Live.