AceShowbiz -

Reese Witherspoon sure can draw a breath of relief by now as her venture into producing film heads to better direction. Yes, her first film production "Penelope", which she produced via her Type A Films, has been picked up by both IFC Films and The Weinstein Company.

As part of the deal, IFC will handle the North American theatrical distribution of the movie, which is slated to hit theaters next year, while Weinstein Co. takes full charge on home video and television distribution.

A modern day offbeat fable, "Penelope" sees Christina Ricci playing a rich young woman born with a pig snout who tries to find true love in her life to break the curse and discover her true self. Witherspoon also takes a starring role here, portraying the biker Ricci's character befriends after she runs away from her overprotective parents.