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Hulu is developing a series based on the Bret Easton Ellis novel “Less Than Zero,” Variety has learned.

The story follows a college freshman returning home for Christmas to spend time with his ex-girlfriend and his friend who struggles with addiction. The series is described as a look at the culture of wealthy, decadent youth in Los Angeles. The book was previously adapted into a 1987 film of the same name starring Andrew McCarthy, Jami Gertz, Robert Downey Jr., and James Spader.

Craig Wright will serve as writer and executive producer on the series, with Ellis also executive producing. Fox 21 Television Studios will produce.

Wright most recently created the OWN drama “Greenleaf,” which follows the lives of the Greenleaf family and their Memphis-based megachurch. He also co-created the FX drama “Tyrant,” the MTV drama “Underemployed,” and ABC’s “Dirty Sexy Money.” His other credits include working as a writer and producer on shows like “Six Feet Under,” “Lost,” “Brothers & Sisters,” and “United States of Tara.”

Wright is repped by WME. Ellis is repped by UTA and Three Six Zero Entertainment.

Should the project move forward, it would be the first series adaptation of Ellis’ work. His novels “American Psycho,” “The Rules of Attraction,” and “The Informers” have previously been adapted into films, along with “Less Than Zero.”

It would also be the latest high-profile novel adaptation at Hulu, in addition the “Catch-22” limited series currently in the works at the streamer. Hulu is also developing an adaptation of the memoir “Shrill: Notes From a Loud Woman” with “SNL” cast member Aidy Bryant set to star and Lorne Michaels and Elizabeth attached to executive produce.