Now that Nintendo has tasted that sweet, sweet box office $$$$ ... no way do they go TV for Zelda I don't think.
They know they could make big money off a theatrical film, I think as much as some people may bemoan they are totally looking at the Marvel Cinematic Universe model where they build up to a Smash Bros. movie.
Frankly movie theaters and the theater industry need Nintendo too, you can only rely on superhero movies so much, theater chains desperately needed something beyond just that to come along and boost revenues, and voila along comes Mario.