Motion pictures that based upon video games are constantly announced, but few ever manage to materialize. And it's just as well, because those that actually end up happening are often disappointing to put it mildly. Though for better or worse, a live action adaptation of EA's Dead Space is still happening, contrary to what some might have believed.
According to Desturctoid, citing a report from Variety, the project has been in the works for at least three years now. Back in 2009, DJ Caruso was announced to be the director, but not much has happened after. Since then, several other properties that EA was shopping around Hollywood also failed to gain any traction, including Mass Effect, Army of Two, The Sims, Spore, and even Dante's Inferno.
As a result, EA intends to take a more active role in the movie making business. An example of this is the upcoming Need For Speed flick, which just wrapped production. The game's publisher apparently funded the development of that film's script, which might be the reason why it ended up actually happening.
It also gives EA a greater say in how the final product will turn out, something that Ubisoft is already doing with their upcoming Assassin’s Creed and Splinter Cell adaptations. Ultimately, the main reason why films based on games are so bad is because the creators have mostly been uninvolved in the movie making process.
Though EA will have to be careful; everyone knows by now that the reason why the Halo movie got cancelled was because Microsoft became too involved, enough to make the studio walk away, even though it was guaranteed to be a blockbuster. Also, EA has chosen Justin Marks to pen the Dead Space script, who also did Street Fighter: The Legend of Chun-Li, and that movie wasn't very good.
But Destructoid also notes that it'll probably be re-written a number of times over, like virtually every Hollywood script, plus John Carpenter has expressed interest in directing the movie, and he's a man who knows a thing about out space and scary stuff. So a Dead Space movie might actually turn out okay in the end.