Yes, according to The Hollywood Reporter, Activision are in talks with entertainment and promotion types with an eye towards bringing Guitar Hero to the small screen, in the guise of a reality TV show, and/or across America in the form of a "concert tour".
Hooray. Seems not content with stealing Rock Band's idea for a game, they're taking its idea for a TV show, too.
On a potentially brighter note, THR also report that, alongside the ongoing saga of a World of Warcraft movie, Activision are also shopping around the idea of a Call of Duty movie. We say potentially with the proviso it's a movie about Call of Duty 4. If it's not, thanks, but no thanks.
'Guitar Hero' TV series, tour in works [THR, thanks Joe!]