They ultimately passed on it, as did SYFY.
However, with the recent airing of the Locke & Key pilot at the San Diego Comic Con, and the "leaked" trailer (below), there just might be hope it will see the light of day.
Apparently, a DVD of the pilot was given to MTV programming chief David Janollari, who was said to like it.
As of yet, there has not been any talk between MTV and Locke & Key executive producers Friedman, Alex Kurtzman and Roberto Orci, but fans are remaining hopeful.
Deadline reports that the budget for Locke & Key may be the factor in getting it a go, especially on basic cable, which is most likely the reason SYFY passed.
Would Locke & Key be a good fit for MTV? They definitely don't have anything like it, and I suppose it would attract the Supernatural WB crowd, so I suppose there is a chance.
So as of now, it sounds as if that chance is just a small one that Locke & Key might be picked up.
Here's the trailer: