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Because you can't simply go to Guillermo Del Toro and order him to make a Zelda movie, you need people who want to work in the project and that are available which is not a lot. The thing is that Zelda is not a franchise / narrative that can make a bunch of talented directors line up in droves. It might be popular in the gaming sphere and among many talented animators (Hirsch, maybe Tartakovsky, etc.), but I really think that most talented 'pop' filmmakers view LoZ in a very similar vein to Mario – a children's franchise with a thin plot that cannot work in the big screen.I honestly don't understand why Nintendo chooses mediocre studios to make their movies.
As for Sony / Columbia and Illumination, I imagine it was because their respective cashcows – Spiderman and Despicable Me are being pushed to the limit already and they need a backup plan. The same cannot be said of DreamWorks, Warner Bros., Universal (live action) since those have a bigger inventory of exploitable franchises that is going to take years to fully milk.