Looks like a Heavy Rain movie may come to fruition in the near future, if a report over on Dealine is to be believed.
According to the site, an auction for the screen rights to the game was bid on and won by Unique Features, owned by Bob Shaye and Michael Lynne formerly of New Line Cinema.
The film company already had a "first-look" deal with Warner for a film based on the game, but the duo apparently ponied up their own money without Warner's help because they liked it so much.
In the end, theirs was the top bid at an auction held by CAA on behalf of Quantic Dream.
I guess the guys wanted it enough to continue pursing it even after leaving New Line in 2008.