EXCLUSIVE UPDATED: ABC network has bought a comedy pitch inspired by an episode in the family life of Academy of Motion Picture Arts and Sciences president Tom Sherak who is in business with the network over the broadcasting of the Academy Awards. The comedy, We’ll Be Out By Christmas, is created and executive produced by High Fidelity scribe Steve Pink and Jeff Morris. It is based on real-life experiences of Sherak and his producer wife Madeleine when their daughter moved back into the family home with her three kids while her husband while getting his MBA. Madeleine Sherak (I Hate Valentine’s Day) will executive produce the hybrid comedy through her My Bench Prods., along with Tom’s son, producer William Sherak, and Jason Shuman through their Blue Star Entertainment. The Sheraks originally sold the idea as a feature to Paramount in 2009 with different writers, Kristen Buckley and Brian Regan. After the project was put in turnaround, Madeleine and William Sherak decided that the story of the family ordeal might be better suited as a family sitcom and, with Pink and Morris on board, pitched the project to ABC. UTA-repped Pink recently directed the 2010 movie Hot Tub Time Machine and produced Knight And Day. Morris is with WME and Art/Work Entertainment. My Bench and Blue Star were repped in the deal by attorney Scott Whitehead.