Family Guy creator Seth MacFarlane will finally direct a feature film and it's a R-rated comedy about a man and his teddy bear.  Titled Ted, the $65 million dollar movie will be financed by Universal Pictures and MRC and Deadline says "it will mix live action and CG. MacFarlane will also co-star and provide the voice for the CG-generated title character. MacFarlane wrote the script with Family Guy cohorts Alec Sulkin and Wellesley Wild."

The goal is to get the film into production this year, but with MacFarlane having to juggle his responsibilities on Family Guy, The Cleveland Show and American Dad!, who knows if that will happen.  More on the film after the jump:

What's interesting about the deal on Ted is MacFarlane will have an ownership stake like he does on the Cavalcade of Cartoon Comedy.  Apparently, Universal is making a long-term licensing deal for Ted with MacFarlane and MRC (the producers).  While I don't know how this affects the budget, I know if you own a piece of something, you will always work harder to make it great.  Also, if you own something, you'll do everything you can to promote it.  In other words, it's win/win for everyone.

The other news from the Deadline article is the status of a Family Guy feature film.  While MacFarlane and Fox both want it, Ted is going to come first.  Also, while Fox and MacFarlane have a great relationship, it appears the R-rating was a no go at Fox, and that's why the deal is at Universal.  Of course it's also possible Fox didn't want to give him an ownership stake.

As a long time fan of Family Guy, I think MacFarlane is extremely funny and I am very excited he'll finally make a feature film.  Saying that, I hope his involvement in Ted doesn't cause Family Guy and his other shows to suffer in quality, because if you look at the many filmmakers and show runners that have tried to do too much at once, something usually ends up suffering.