Early Christmas For Korean Ani Industry

The burgeoning animation industry of South Korea has one more notch in its belt today. Daily Variety is reporting that South Korea’s Sieundesign has signed a potentially $10 million deal with U.K.-based licensing group Copyright Promotions.

Among other things, the two companies are going to collaborate in the production of the CG-animated feature Merry Christmas Tete. The film is to be directed by Jang Uk-sang.

The project is a family film, in which Santa’s helpers have only one Christmas present to deliver to an entire village. With a budget of $10 million the film is scheduled for a December 2008 release.

Copyright Promotions will raise half of the film’s budget, negotiate a U.S. distribution deal and engage in co-marketing activities. Copyright will be co-owned by the two companies, with Sieundesign retaining distribution rights outside of the U.S.