MUMBAI: Zee Group subsidiary Padmalaya Telefilms has reached preliminary agreement for co-production and licensing of cartoons with Italian animation major Mondo TV Group in a deal worth more than $ 14 million.

Padmalaya has also put down $ 5 million for the licensing rights of 1,000 cartoon episodes from Mondo TVs library. Padmalaya will hold the licensing rights for the South Asian region. The Mondo TV titles will also be utilized for financing new productions, it is learnt.

Mondo TV is a leader in Europe for the creation, realization and distribution of cartoons for TV and cinema. In all, three memorandum of understanding (MoUs) for the co-production and commercial exploitation of four new animated TV series and licensing of 1,000 Mondo TVs library episodes have been signed.Co-production of 104 half-hour episodes costing $ 135,000 each (total amount $ 14.04 million) is what the deal involves.

The details of the Padmalaya-Mondo alliance are expected to be unveiled during the International Television Programme Market (MIPTV) 2004 at Cannes that is being held between 29 March and 2 April.

Mondo TV is listed on the Nuovo Mercato of the Italian Stocks Exchange, and is involved in the production and distribution of cartoon series and full-length features for television and cinema, as well as in several related sectors (audiovisual and musical distribution, multimedia and merchandising).