Despite being nearly 38 years-old, the legendary dance-themed show "Soul Train" is going under new ownership that is expected to expose the program from the early days along while also creating a more modern version.

According to The New York Times, production company MadVision Entertainment has purchased the franchise from founder Don Cornelius, and has already begun planning marketing ideas for consumers.

"The series has never been shown on DVD, and it's not been utilized on video-on-demand or mobile or Internet platforms," MadVision co-founder Peter Griffith said. "There are many opportunities that we are exploring."

Founded in '06 and most known for the Showtime comedy series "White Boyz in the Hood," MadVision's three founders each have a respectful amount of industry achievements. These include publishing of Ebony and Jet magazines, producing Diddy's Bad Boy Films, and brand expansion with Vibe Magazine.

Although details are scarce, the company is expected to compensate artists, producers and labels for the future rebroadcasts of any songs played on the show. The new version of "Soul Train" is being kept secret as Griffith and his partners prepare to meet with producers to discuss the show's new look.

Neither Cornelius nor MadVision commented on the sale price.

As previously reported by, the show is also expected to hit the big screen as Cornelius had previously linked up with Warner Brothers to create a comedy version of the show. The concept would be two male dancers getting in to various good and bad situations.