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A 'Labyrinth' sequel is not being developed by the Jim Henson Company (updated)

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According to Variety, the Jim Henson Company is working on a sequel to the 1986 classic Labyrinth. Details are effectively non-existent at the moment — so no word on plot, cast, or projected release date — but the news comes as a welcome surprise for longtime fans of muppets, magic, and David Bowie's codpiece. Along with the new film, the production company is also working on a movie based on Fraggle Rock and a sequel to 1982's Dark Crystal. You may now start reciting your favorite songs.

Update 10:35pm ET: Entertainment Weekly reports that a sequel for Labyrinth is not currently in the works, despite Variety's original report.