Take-Two's Strauss Zelnick, in his call to investors, stated that he does not expect the BioShock film to be released along side BioShock 2. However, he does drop the hint that BioShock will at least become a trilogy.
It's more likely that it would be released coincident with BioShock 3 - that also remains to be seen.Kotaku brings to light that Take-Two might have very little input when it comes to the production of the film.
We definitely did structure this deal so that we have no economic exposure or risk... the economic exposure or risk is being borne by... Universal Pictures.As Kotaku stated, this "no financial risk" strongly indicates that the company has "little to no creative control", but details are scarce.