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Rumor Time: Fables Movie?

Would a movie based on Fables work?

According to Pajiba, David Yates, who is directing the final two Harry Potter films, will be directing an adaptation of the Bill Willingham book Fables. About a year and a half ago, we reported that Fables would be made into a television series, which was later shot down as nothing more than rumor. And although Pajiba reports that this indeed is a rumor, they also state that they've received some convincing evidence that warrants this rumor with some actual credibility.  
Fables is a book from Vertigo that debuted in 2002, and it takes all the fictional characters from stories many of us grew up with and it puts them all into the real world, mainly New York. The book is not child friendly however. The book will soon be coming to it's 100th issue in the main series, and there are a few spin-offs also. It is undoubtedly one of Vertigo's most popular books.
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As for a film based on the book Fables, would it actually work? Like many Vertigo books, Fables is based in a very large world, as many comic are, filled with their own characters, stories, and out-of-the-ordinary elements that we would not find in "the real world." Taking all of these elements and cramming them into a 2-hour feature, if they're lucky enough to have that long of a film, can be quite a daunting task. 
You could take a singular story, or a six-issue arc, combine that with introduction to the world and make it into a decent film, but more realistically, this would work better as either a television mini-series, or ongoing series in the vein of what AMC is doing with Walking Dead. Sometimes, like with the Hellblazer film AKA Constantine, it felt like they were trying to fit way to much into a short amount of time, and that's why a television series would feel a bit more natural for a world as large as the Fables world. What do you think? Would a Fables movie work, or would a television show be better suited to this book? 
~Mat "Inferiorego" Elfring is a comedian, teacher, comic book writer, and comic store employee.~