Microsoft made a deal with two Hollywood studios to create a movie based on the Halo game. The film is slated to be launched in the summer of 2007.
Microsoft has apparently been shopping the idea around Hollywood for a Halo movie for some time now, having gone as far as to develop its own draft script. The draft, an attempt by Microsoft to retain control over the Halo franchise and no doubt develop all those juicy game-related tie in's in the inevitable Halo 3, was written by Alex Garland who penned The Beach and 28 Days Later.
Universal Pictures and Twentieth Century Fox will pay Microsoft $5 million and a percentage of ticket sales capped at 10 percent of the domestic box office. More info at The Register