Plot details are being kept under wraps with the pic currently in production.
Shults will direct from a script he co-wrote with Tesfaye and his producing partner Reza Fahim.
Tesfaye, Fahim, Kevin Turen and Harrison Kreiss are producing with Shultz and Ortega exec producing.
The Weeknd, Jenna Ortega, Barry Keoghan and Trey Edward ShultsGetty/Viewpoint/Ben Cope/Christian Tierney/Paras Griffin/WireImage
Tesfaye has been developing the project for some time and in recent months came to Shults about directing it.
Fahim also is a co-creator on the series.
She hostsSaturday Night Liveon March 11 andnext will be seen inScream VI.
Keoghan is coming off hisOscar-nominated supporting rolein SearchlightsThe Banshees of Inisherin,which earned hima BAFTA winlast week.
He stars next inSaltburn,Emerald Fennells follow-up to her Oscar-winningPromising Young Woman.
Shults is best known for his acclaimed work onWavesandIt Comes at Night.
Ortega is repped by CAA, Gilbertson Entertainment and Jackoway Austen Tyerman.
Keoghan is with WME, Entertainment 360, B-Side Management and Sloane Offer Weber & Dern.
Shults is represented by WME and Jackoway Austen Tyerman.
