This is not a drill.
According to The Wall Street Journal, Threshold Entertainment — whose major credits include 1995's live action Mortal Kombat film and the sequel Mortal Kombat: Annihilation — is teaming up with the Tetris Company to create a live action movie based on Tetris, the game, to premiere in live action theaters. This is Threshold CEO Larry Kasanoff (emphasis ours):
"It's a very big, epic sci-fi movie... This isn't a movie with a bunch of lines running around the page. We're not giving feet to the geometric shapes."
"Brands are the new stars of Hollywood. We have a story behind ‘Tetris' which makes it a much more imaginative thing."
No cast, crew, production date, or release date have been determined. No writer has been named.
We don't know what the story is, but here's the movie's pre-designated baseline, according to these fan-made trailers from years past:
From Black20 Studios (2008). "A brother dies. A hero is born." It's basically Gladiator, but set in a dystopian future where "Tetris pilots" compete in an arena.
From Warialasky (2012): "I did not create Tetris. I was but a messenger. I was so wrong." Basically... Independence Day. Or maybe War of the Worlds. Or any other invasion movie, take your pick.
Apropos of nothing, here's a mock poster from Penny Arcade in 2003:

And also this:
Update: The press release, in its entirety:
FOR IMMEDIATE RELEASE
THRESHOLD ENTERTAINMENT TO BRING TETRIS TO BIG SCREEN
Larry Kasanoff Teams Up With The Tetris Company to Produce Sci-Fi Epic Based on Iconic Video Game
SANTA MONICA, Calif. (September 30, 2014) - Threshold Entertainment, a leading producer of live action and animated films, is partnering with The Tetris Company to develop a feature film inspired by the legendary video game, Tetris. The film will be produced by Threshold Chairman Larry Kasanoff and executive produced by Threshold's Jimmy Ienner and The Tetris Company.
With a proven track record in game-‐to-‐movie adaptations, Threshold plans to turn the mega-‐hit Tetris franchise, which is celebrating its 30th anniversary this year, into a science-‐fiction film. With two number-‐one Mortal Kombat films and a slew of related media, Threshold was the first company to produce a hit movie based on a video game.
"Everyone knows that Tetris is one of the best known, most beloved brands in the world," said Kasanoff. "What everyone doesn't know yet is this epic sci-‐fi story that we're going to tell. That's what's really exciting."
"What started as a simple, computer puzzle game 30 years ago, today is part of our global consciousness, connecting people of all ages and backgrounds and feeding our innate desire to create order out of chaos," says Henk Rogers, Managing Director of The Tetris Company. "We look forward to partnering with Threshold Entertainment to re-imagine that common experience and bring a spectacular new Tetris universe to the big screen for the first time. In this new universe, as you'll soon find out, there's much more to Tetris than simply clearing lines."
About the Tetris® Brand
The Tetris® brand is one of the leading and most distinctive video game brands and franchises in the world with over 425 million paid mobile downloads, and over a billion games played online per year. In the game's 30 year history, hundreds of millions of players have experienced the Tetris Effect. Tetris is loved globally by people of all ages and all cultures. Partnered with Electronic Arts, Ubisoft, Sega, and Hasbro, the Tetris game continues to be one of the most widely recognized video games of all time. Tetris Holding, LLC is the owner of Tetris rights worldwide and The Tetris Company, LLC is its exclusive licensee. For the latest information about the Tetris brand and Tetris products, please visit http://www.tetris.com.
Follow Tetris on Twitter (@Tetris_Official) and become a fan of Tetris on Facebook (http://www.facebook.com/tetris)
Threshold Entertainment makes Live Action and CGI Films, TV, and Location Based Entertainment largely based on some of the world's biggest brands, including Spiderman, Star Trek, Justice League, Marvel, Lego, Mortal Kombat, Star Wars and more. Threshold also owns Blackbelt TV, a 24/7 linear sports and entertainment TV Channel broadcasting in over 60 countries.
Threshold's management has, as studio heads or producers, been involved in the production of over 250 films including Terminator 2, True Lies, Dirty Dancing and Platoon. Collectively, in the music world, they hold over 100 Gold and Platinum records.