According to the site, The CW is developing a "teen drama / romance series" based upon the property. Little is known about the potential project, although it's said that Superboy and Miss Martian will serve as leaders of the team (possibly due to the fact that Dick Grayson / Nightwing is off limits - or Bat-Embargoed - because of a certain Batman vs. Superman?).
Warner Bros. is certainly looking to extend its stable of DC Comics characters beyond the hit superhero series Arrow, with Grant Gustin (Glee) set to make his debut as Barry Allen alongside Stephen Amell's Oliver Queen this Wednesday, building to a standalone pilot for The Flash early next year. The CW also has an Hourman pilot in the works, while NBC has Constantine and Fox is working on the Jim Gordon pilot Gotham. So, good times ahead for DC fans, it seems...