I read the following story in Variety this morning. Haven't other companies already done this?

Time Inc. to produce in-house films

Time, Sports Illustrated articles come to life

By MICHAEL FLEMING

Time Inc. Studios, together with management-production company the Collective and XYZ Films, will produce features and documentaries based on articles published in Time Inc. publications such as Time, Sports Illustrated, Fortune and Life.

The company has identified its first project, optioning the April 14 Sports Illustrated article "Breaking the Bank." Written by L. Jon Wertheim, the feature covers the alleged criminal exploits of Ultimate Fighting Championship competitor "Lightning" Lee Murray, who is suspected of masterminding the largest cash heist in history in 2006.

XYZ Films said it will contribute a seven-figure development fund that will option articles, hire screenwriters and tie talent to packages that can then be shopped to studios. It doesn't cover TV projects.

The rest of the article can be found here.