"Penelope", the $15 million Reese Witherspoon-produced flick has been picked up for theatrical release next year by IFC Films and home video and TV distribution by the Weinstein Co. in North America reports the trades.

The film, which premiered at Toronto last month, is a teen fable that concerns a woman with a facial deformity who must marry someone from her own class to break an evil spell. IFC & Weinstein previously teamed on the release of "Transamerica".

Christina Ricci, James McAvoy and Witherspoon herself star. Mark Palansky directed.