I'm hoping this is just tabloid nonsense, and judging by your comments and the lack of proper media coverage, I'd say it's pretty safe to say it is as of now just a rumour. However, on the off-chance that it is true, I would hope someone in the Jackson family would have enough sense to abort the sorry operation before it starts. There is nothing further divorced from reality (or unhealthier) than reality shows--they always end badly, and like someone already mentioned, hurt prospective careers. That sort of exposure is overwhelming even for grown men and women (think of the recent suicide of that one reality show girl), two teenagers and a little boy would be hopeless against such stress.
Those kids need to focus on school. The time for show business will come later, and I'm sure they'll all do well in their respective fields, but for now, they just need to study and make their dad proud.