Nickelodeon is hoping to win back some of those younger eyeballs by buying up one of the most beloved children's franchises of all time.

The "first kids' network" bought the global rights to the Teenage Mutant Ninja Turtles with plans to turn the property into a CGI TV series and feature film by 2012.

The network has high hopes for the cartoon series. They have invested a lot of time and money into winning over young teens and this could be just the thing to win back their old core audience: young kids and heavy stoners.