Both, although I wouldn't see something like this happening for another decade, if at all. I get the feeling that Bethesda would rather keep it a game series than try to create a film/television series out of it.
But the IP is owned by Zenimax Media, which also owns ID and Tango (Doom and Resident Evil). Although Doom was a flop, the Resident Evil series has been a huge success financially. I'm sure that at least two of the corporate directors (Bruckheimer, and Moonves, President of CBS), realize that if film/series investment can return at least a 40-50 percent gross, then it would be a green light for TES... For good or bad.
Of course there are two problems that I see with the making of a film; 1. Bruckheimer. 2. It would be far to great of a challenge to encapsulate the world of TES with cinematic time constraints.
If they were to produce this as an animated series in the same vein to what Rankin & Bass did with the LOTR stories, then I'd be all over that.