Your favorite design couple are coming back to TV!

During Friday's episode of "The Tonight Show with Jimmy Fallon," Chip and Joanna Gaines revealed they're partnering with HGTV parent Discovery on a new network.

The new channel, expected to start in the next 12 to 18 months, will be called the Magnolia Network, named for Chip and Joanna's design and decor company. The couple will own a minority stake. The channel is expected to replace an existing, underperforming Discovery network, most likely DIY, Destination America or Great American Country, said a person familiar with Discovery plans who was unauthorized to speak publicly.

"We signed a non-disclosure and it said, quote unquote, you can tell your mother, but that’s it,” Chip joked. “So mom, I just wanted to make a quick announcement, we are coming back to television. You are going to get to see the kids grow up, you are going to see us, well maybe a six-month delay like the rest of the world, but we are excited to be back.”

Arguably the biggest stars of HGTV, the couple quit their show (and TV) last fall, but have been aggressively courted since then by Netflix, which formerly aired reruns of the show. Chip added the five-year process of being on HGTV's "Fixer Upper" helped the couple learn how to solve some of the problems they came across in their next venture.

"So we actually partnered with (CEO) David Zaslav and Discovery, we're actually going to have a network, and I think we're going to really carve it out in a way that makes sense to us and our family," he revealed. "It's going to be filmed a lot in Waco, Texas, so we don't have to travel a whole lot. So with all things being equal, we're really excited."

"Discovery is thrilled to confirm that we are in exclusive talks with Chip and Joanna Gaines," the company confirmed in a statement Saturday. "The Gaineses are exceptional people, true authentic storytellers and creative visionaries who will nourish millions of people with quality, family-friendly programming accessible on a 24/7 network and across all screens."

Magnolia also confirmed the news in a statement to People.

“We’re excited to share that we are currently in the early stages of talking with Discovery about a lifestyle-focused media network for Magnolia," Magnolia spokesman John Marsicano said. "The details surrounding this opportunity remain a work in progress, but together, our hope is to build a different kind of platform for unique, inspiring and family-friendly content.”

Discovery last partnered with Oprah Winfrey on a TV network, which began as a joint venture but is now 70% owned by the media company.

Watch the full interview with the designer duo in the video clip above.

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