It seems plans for a live action movie based off the comic series have been abandoned but instead a live action TV show is on its way. The show will be adapted by Steven Spielberg, Alex Kurtzman, Robert Orci and Josh Friedman. Josh Friedman(Terminator: The Sarah Connor Chronicles) will write and produce the show.
Kurtzman and Orci have singed a with 20th Century Fox TV. The Studio will produce with Steven Spielberg's DreamWorks TV.
Locke & Key was created by Joe Hill and Gabriel Rodriguez. Here is a summary of the series from Comicvine.com
"Acclaimed suspense novelist and New York Times best-selling author Joe Hill (Heart-Shaped Box) creates an all-new story of dark fantasy and wonder: Locke & Key. Written by Hill and featuring astounding artwork from Gabriel Rodriguez (Clive Barker's The Great and Secret Show, Beowulf), Locke & Key tells of Keyhouse, an unlikely New England mansion, with fantastic doors that transform all who dare to walk through them.... and home to a hate-filled and relentless creature that will not rest until it forces open the most terrible door of them all..."