I've been saying this since Sesame Street got HBO's money. HBO doesn't really have a wealth of kid's programming, and blah blah blah streaming and being on a premium channel and all, I could see them reacquiring rights to an older show and remastering it, rather than spending the money and time to create a show completely new. I mean, we still don't know what the supposed Sesame Street spinoff program is. Besides SW's library (which doesn't venture further than the 00's Electric Company and Pinky Dinky Doo), they have those old 90's Family Fairy Tale things and Crashbox, which I
still have no idea what its supposed to be. And a couple things other than that. I can see why they'd bring back FR. Maybe because it fits with Sesame Street too.
Oh, big shock, it's going to be cropped into widescreen. Totally didn't see that coming.
I've watched something on The Splat that added frames to either side to not have to crop and stretch the footage. It still was "HD" and widescreen, but they preserved the aspect ratio, covering the sides with various Nicktoons characters. A little busy, perhaps, but nothing as lame as the "HD" Simpsons reruns on FXX.