Meryl Streep takes on role of family matriarch in 'The Corrections'

Meryl Streep is set to lead a new television adaptation of Jonathan Franzen's critically acclaimed novel The Corrections at CBS Studios.

The Oscar- and Emmy-winning actress will portray the matriarch of a Midwestern family in a project that marks a second attempt to bring the story to the small screen, according to The Hollywood Reporter.

CBS Studios is currently in the early stages of developing this drama, with Franzen himself adapting the 2001 novel and serving as an executive producer.

This new adaptation follows a previous effort by HBO, which filmed a pilot in 2012 featuring Chris Cooper and Dianne Wiest but ultimately chose not to move forward with the series.

The rights to Franzen's novel have been held by Paramount since producer Scott Rudin acquired them in the early 2000s.

Recently, the project transitioned from Paramount Television Studios to CBS Studios following the shutdown of PTVS last month, according to The Hollywood Reporter.

The Corrections won the National Book Award in 2001 and explores the complexities of a Midwestern family as they come together for a Christmas gathering while navigating the patriarch's declining health.

• 'Barbie' director Gerwig honored by 'terrifying' movie industry