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I think Monolith was done with a similar arrangement -- as was the much-missed (by me, at least) Bloodhound.
The problem we're going to run into when it comes to new creations is that I think that most creators aren't going to give up potentially lucrative ownership of a character just so it can play in the same sandbox with Superman or Spider-Man. What needs to be done is for DC and Marvel to come up with a licensing agreement that allows creators to retain their rights to a character while letting it interact with the shared universe of the company. The only time I can recall that being done at either of the big two was with Claremont's Sovereign Seven.