Gag!

I need a vomiting emoji.

These days, companies like Netflix and Amazon are creating properties that are top notch. I wouldn't dismiss what they could do with Watchmen.

I would. I like several Netflix shows and they have been very good; but, this press release indicates they don't get it. The track record of anyone other than Moore and Gibbons with Watchmen is abysmal. The best you get is mediocre. It was uniquely Alan Moore's voice and Dave Gibbons visuals. The entire thing was built around the unique mechanisms of comics, which is why it doesn't translate directly. It would be an act of real genius to be able to translate this to tv and still capture the levels of storytelling within the comic. I suspect this will be Game of Thrones soap opera, with tights and capes.............. and a naked blue guy. They will probably try to shoehorn it into the same kind of narrative template, which, like the film, will strip away all subtext. It will have an advantage over the movie, by being able to spend more time on things; but, that is the only real plus, I see. You can capture the visual stylings (though, since they are in motion, it isn't the same experience as absorbing the information in a single static panel), by spending enough money; but, the story is another matter and they sound pretty darn gunshy of really delving into Moore's themes and words, so they are already absolving themselves of failure.

My prediction is that it will be better than the film (which, in my book, only requires better acting and actually reading the source material, not skimming the pictures); but, will be about as good as those Watchmen spin-off comics.

WB seems determined to continually poke Alan Moore.

It's not a matter of canon, it's a matter of what more is there to say? 

There is no story to tell and I seriously doubt this is motivated by artistic desires. This is WB looking to exploit a property that has a brand name in mass culture. When Watchmen was conceived, DC was pretty much an independent entity within the Time-Warner empire. Jenette Kahn had instituted reforms, based on other publishing models, to attract creators to the company and entice them to really apply their talent. I believe the Watchmen contracts were created in good faith, with the idea that the rights would revert to Moore and Gibbons after a reasonable time (10 years or so) based on publishing models of the period. Then, it gained a name beyond the comic book market, as it proved a popular seller in bookstores and those sales stayed consistent. By the end of the 80s, particularly after the success of the Burton Batman film, you saw WB get more and more involved in DC's affairs, bringing them more into the corporate structure. You see decisions like keeping Watchmen in print, because it is a steady revenue generator and the terms of the contract allow WB to retain control. That was limited to the trade and related collections, as it proved a tough nut to crack, for film. As soon as technology is there for the visuals, they pare down the story to the central mystery and send it into production, producing a film with very uneven acting and writing and very little of the underlying subtext of the work (my opinion, obviously). They also decide to go back and exploit the comics again, to help try to make money on a dwindling market, hoping to attract those outsiders who will read Watchmen and V for Vendetta, but don't read monthly comics. The end result is just a money grab, with little added to the artistic value. They continue it further with the whole reboot-of-a-reboot mess, for the same reason. Now, they want to do a tv series adaptation/sequel/rewrite/whatever you want to call it, to try to make money, based on outside name recognition. It's that same corporate mentality of milking a brand as far as it can go, no matter how much it is diminishing said brand.

Really, anyone who wanted to do this kind of story, for a new generation, doesn't really need the Watchmen name and characters. The characters are basically archetypes. All you need to do is apply the same "real world" lens to the idea, mix in actual history or alternate history (spinning off key events) and you have the same thing. Really, if they wanted to be daring, they would try an Authority tv series; but, good luck seeing a major conglomerate put out a product that attacks their very mindset.

I'll stick with the Astro City series, if it ever actually goes into production and is broadcast. At least there, you only have to please Kurt Busiek (depending on his level of control) and if he's happy, the fans are more likely to embrace it.

Watchmen itself began as an attempt to tell new stories with exhausted characters, so I wouldn't rule out the possibility of something similar happening with this now-30-years-old intellectual property. It will come down to the vision of the creative team, and their ability to execute their vision within the strictures of the corporate pressure and the limitations of their chosen medium.