There's no posted budget, but they picked a found footage director whose last film had a $12 million budget.
That's needlessly dismissive of Josh Trank. Chronicle was a low-budget movie, but it was a very powerful, creative, and original take on the superhero premise. Admittedly I didn't like it as much on my second viewing as I did on the first, but there was some really impressive stuff there, and it showed that you don't need a bloated budget to make a visually or conceptually striking film.
I'm not convinced that Trank is a good fit for the Fantastic Four, mind you, but he should not be dismissed as some cheap hack.
I could be wrong, but I took Mr. Light's comment to be less an attack on Trank's ability and more of an observation that he could successfully work on the cheap which, if Light is correct, would be consistent with the idea that Fox is trying to do a low budget movie just to hold the rights.