Why has no major studio announced an adaptation of a story by H.P. Lovecraft?

Lovecraft is famous for The Call of Cthulhu, The Rats in the Walls, At the Mountains of Madness, The Shadow over Innsmouth, and The Shadow Out of Time, among others. But these are his major works. I think a cinematic adaptation with a budget in excess of $100M would be commercially successful and earn the praise of critics. So why hasn't one been made yet? How long are we gonna wait?

What are they waiting for to make a proper Cthulhu movie?

submitted by /u/RoutineProcedure
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