I saw it in the UK, sometime from 1990-93.
It featured a blonde girl with a pet red balloon. A clown melted in from a pencil scribble and came to her, asking for her balloon. At one point it offered a few magic tricks, but then the trick fizzled and he had to turn his back to her and fish around for it. She peeked cautiously around at him, and he looked back at her and caught her peeking. She immediately smiled broadly in an innocent manner.
Finally she traded the balloon to the clown in exchange for a sparkly thing-go-round in a glass bubble. The clown tortured the balloon and prepared to eat it. But the girl saw the sparkly faded once the clown left, and she went back to rescue the red balloon. After a fight, the girl was tied up, but managed to trap the clown in a network of gears. The clown's inner shadow burst through its hand and grabbed a lever, but the girl hopped over with an axe in her mouth and chopped the clown's arm off. The gears killed the clown and the girl was reunited with her red balloon.
It featured a blonde girl with a pet red balloon. A clown melted in from a pencil scribble and came to her, asking for her balloon. At one point it offered a few magic tricks, but then the trick fizzled and he had to turn his back to her and fish around for it. She peeked cautiously around at him, and he looked back at her and caught her peeking. She immediately smiled broadly in an innocent manner.
Finally she traded the balloon to the clown in exchange for a sparkly thing-go-round in a glass bubble. The clown tortured the balloon and prepared to eat it. But the girl saw the sparkly faded once the clown left, and she went back to rescue the red balloon. After a fight, the girl was tied up, but managed to trap the clown in a network of gears. The clown's inner shadow burst through its hand and grabbed a lever, but the girl hopped over with an axe in her mouth and chopped the clown's arm off. The gears killed the clown and the girl was reunited with her red balloon.
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