Of course, the movie was based on the even more classic I was a Teenage Werewolf and was followed up by Teen Wolf Too, which is only a classic in the sense that it was one of the few starring movie roles for Jason Bateman before his recent career resurgence.
MTV is likely betting that the whole vampire craze will translate into a similar werewolf craze. The CW would have done it but they already have The Vampire Diaries. No doubt the lead werewolf will be some sort of teen ridden with angst while looking like an underwear model. Kudos to MTV for trying out some different programming than their usual drek.