8.5x11" stiff textured paper front cover and 29 single-sided mimeograph sheets comprise Vol. 2, No. 1 for Dec. 1935 "Fleischer's Animated News" in-house publication. Front cover features Christmas theme art by Gilbert Fox w/Popeye carrying large cake w/"Merry Christmas To All, Happy Birthday To Animated News" signs w/Betty Boop feeling Popeye's muscle at left and Santa Claus tickling Olive Oyl's chin at right. Upper right has price of 10¢. Extensively illustrated throughout w/specialty art including several full pages. Animators include Tendlar and Roberta, Pillet, Warren Foster, Alden Getz, Hal Seeger, Maltese, George Withers, Mina Williams, Jason and Jack Rubin. Scenes include Wimpy waiting by fireplace for Santa to bring him hamburger, Betty Boop singing Christmas carol, Popeye w/Wimpy and Olive Oyl singing Christmas carols and Olive helping Popeye dress as Santa Claus. Other characters shown include Little King and Henry. Issue includes one page article on magazine founder Ben Solomon w/attached small glossy real photo. Cover has a few minor handling creases w/more creasing evident at extreme top edge. Staple rust. VF. Extremely limited distribution, just for studio employees.