"Just after The Hylia did a feature on the possibility of a Zelda film, Reggie Fils-Aime spoke to Club Nintendo, a Mexican publication equivalent to Nintendo Power, about the Big N's plans for their franchises on the silver screen. Plans that include The Legend of Zelda, and the production apparently will be handled by Nintendo itself.
Reggie said that Nintendo plans to produce an adaptation of the Metroid franchise for the silver screen, although he gave no other details as to the production schedule, budget or cast and crew. Reggie followed up by saying the Zelda series would be next in line, and then possibly another Mario feature film. Although this information was featured in Club Nintendo, Mexico and Europe are traditionally behind in gaming news, so one might think the information is sketchy. However, the subscriber area of the Club Nintendo site (Mexico's official Nintendo site) has a video of the interview with Reggie and a transcript as well, which leads one to believe this is legit.
Hopefully sometime soon, possibly at E3, Nintendo will elaborate on these projects and give us more details. It should also be assumed that Nintendo legally took back the rights from John Woo's production company for the Metroid franchise, since John Woo's company had purchased the rights to bring Metroid to the silver screen nearly a year ago. Most fans should probably be happy that if there is going to be a Zelda movie, it is Nintendo that will be handling it. But Final Fantasy fans will be quick to point out that the creator of Final Fantasy, Hironobu Sakagutchi, headed up Final Fantasy: The Spirits Within and it still did poorly. Others believe the Metroid movie is to counter the upcoming Halo production, which is being headed up by Academy-Award winning director Peter Jackson. Perhaps a movie war is brewing between the video game giants?" [link]