Originally Posted by CoulsonFan
I wonder because they have "Fantastic Four" and yet they don't have a whole lot of stuff you might assume they'd get with that--Black Panther, Inhumans, Skrulls, etc. The terms of that deal seem to be very specific, and they may be specific enough that a derivative work like an "Ultimate" book could be considered outside of its scope. Even if there's nothing stopping Fox from doing "teenage Fantastic Four," they wouldn't be able to use other characters or concepts from that book.
They have film rights to the Fantastic Four characters plus the villains and Galactus/Silver Surfer. This includes their ultimate versions. No matter what is different between 616 Reed and Ultimate Reed, one thing is the same: It is Reed under copyrights. There is no distinction. That'd be like saying you own the rights to Spider-Man, except Web of Spider-Man. Such a rule doesn't exist.
The only case of something like what you're outlining existing is the rights to Superboy not being owned by DC (I think that is how that currently works). But, the Seigal/Shuster estates won that in a lawsuit. Such a lawsuit has not come from FOX/Marvel in regard to FF film rights, and if it ever did, I highly doubt they'd ever seperate them.