The comics happened, it takes place 30 years later, characters from the original story are some of main characters here. Lindelof mostly argues about what calling something a "sequel" entails.
Lindelof: "Yes. Look, [the new series] certainly fits into the "sequel" box, and definitely doesn't fit into the "reboot" box. We treat the original 12 issues as canon. They all happened. We haven't done any revisionist history, but we can maneuver in between the cracks and crevices and find new stories there. But for all the reasons you just articulated, we wanted to make sure our first episode felt like the beginning of a new story rather than a continuation of an old story. That's what I think a sequel is — the continuation of an old story."