HBO are making GAME OF THRONES, which will keep them busy for the next couple of years even if it only lasts a single season. If GoT is successful, they'll stay with it for seven seasons and might look at other fantasy projects afterwards, and if it bombs they'll likely be put off fantasy altogether for a while. In either case, no other fantasy project is likely to make it to the screen from HBO for several years at least.

More notably, Red Eagle, who have the rights to WHEEL OF TIME, have sold them to Universal and are developing THE EYE OF THE WORLD as a movie instead, which likely entail considerably vaster deviations from the storyline than LotS has to SoT.

In order to get WoT on screen as a TV series, we need Universal's film option to expire and for someone like Staz or Showtime to show interest in the project.