As part of a conference call following Take Two's second quarter earnings, company officials addressed questions from analysts on a number of topics, including the previously announced plan to give fan favorite BioShock a movie makeover. Despite the obvious vocal excitement from Take Two officials regarding the project, it may be some time before we see Big Daddies and Little Sisters frolic on the big screen, with Take-Two chair Strauss Zelnick stating that "it's unlikely that [the movie] would be released alongside BioShock 2...and it's more likely that it would be released alongside BioShock 3, but that remains to be seen." No, that's not a typo: BioShock THREE.

Additionally, while no specific details were shed on what we can expect from the movie, Take Two certainly appears to be taking a somewhat hands-off approach to the project. Zelnick commented that while the company "feels it is something that could be beneficial," Take Two has "structured the deal so we have no economic structure or risk."

Looks like the rumor we broke back in January that Hollywood was flirting with the BioShock license was dead-on. Variety reports that Universal has signed a deal to turn BioShock into a movie. Director Gore Verbinski (Pirates of the Caribbean) will head the project and Aviator writer John Logan may write the screenplay. Take-Two executive chairman Strauss Zelnick, who was in charge of Fox in the '90s, handled the deal for his company and says the project will actually get made ... unlike the Halo movie.

There's also an interview with Verbinski on Variety's Cut Scene blog where he discusses the project. He believes the movie will be rated "R" and says, in terms of the Little Sisters, that he'll take the issue "right up to the edge," not wanting the core audience to feel "betrayed." Though no release date is currently targeted, Verbinski says he'll start pre-production when Logan's script is finished and approved.

[Update: If there was any doubt as to the validity of this story, Take Two itself just issued confirmation that the movie adaptation of its undersea adventure is indeed in the works.]