They're making a film based on the Eurovision Song Contest. If you're not familiar, and most Americans aren't, it's a contest during which they choose the best pop artist from among 42 countries in Europe. It's a mostly cheesy event, but people really love it. For example, one of the favorites this year was a drag queen dressed in a mirror ball costume.
The event is watched by hundreds of millions of people worldwide. The film, on the other hand, will be produced by Working Title Films, who gave us The Big Lebowski all those years ago, and the sript will be written by one of the writers on Borat. So, it at least has a shot at being good.
Dark Horizons.com: "Eurovision" Movie In The Works