So Fox TV announced a bunch of new TV series today and one of them was not Locke and Key, a show based on the Joe Hill (aka Stephen King's son) comic book of the same name. The rumor via Deadline Hollywood is that "Fox wants to make it into a big-event limited series/miniseries, but it is unclear if that would be financially feasible."
That sounds ominous, but still with some hope held out. On the plus side, someone who's seen the pilot told Bleeding Cool:
It’s beautiful. Everybody agrees on how well made it is and how atmospheric and how it will definitely win acclaim for the way it has been filmed and edited. There’s magic in the story as you know and it actually feels magical on screen. The pace really picks up in the second half and the amazing images and ideas start coming thick and fast.
If you're not familiar with the comic, here's what Wikipedia has to say about it:
After the murder of their father, Tyler, Kinsey, and Bode Locke relocate with their mother to the family estate of Keyhouse, located in Lovecraft, Massachusetts. Sam Lesser, one of the teens who murdered Mr. Locke, is in a juvenile detention center and, by gazing in water, communicates with a supernatural force that promises to free him. Bode Locke, the youngest of the family, uncovers The Ghost Door, which separates his spirit from his body.