According to a report on relyonhorror.com, Nintendo now owns part of the Fatal Frame franchise/Project Zero. Nintendo added the Fatal Frame franchise to their copyrights, and additionally they now fully own the rights to IP for Spirit Camera a recently released 3DS spin off. They have also gained the publishing rights to Project Zero 2: Wii Edition, the game is scheduled to be released later this year in Europe (no release in North America is scheduled).
This move does make sense considering Nintendo has published the last two Fatal Frame games, including Fatal Frame 4 which never made it outside of Japan. What makes even more sense is putting a game based on taking pictures of ghosts with a camera on the Wii U. At this time Nintendo has not confirmed or denied this report so it still needs to be filled under rumor.
I have to say, with the way horror games are going now (Dead Space 3 and Resident Evil 6) with less horror and more action, it would really be great to the Fatal Frame franchise return to North America in the near future. But then again, this deal if true does not mean the franchise would be getting more releases outside of Japan. It just means Nintendo will probably have more of a hand in working on the games and publishing them.
It just seems to me that a new Fatal Frame game would be perfect for the Wii U and it might help sales of the system if Nintendo were to announce a new game in the franchise was scheduled for the Wii U and would be coming to both North America and Europe.