The main characters are a boy and a girl. The boy is named Charles, looks and sounds suspiciously like Charlie Brown, and makes the same sort of mouth movement when his head is tilted back. Further, Bill Melendez, who worked with Lee Mendelson on the Charlie Brown stuff among other things, was the producer.
I wasn't able to get past John Goodman as the voice of Frosty. Jonathan Winters as the narrator was ok; The plot was only so-so; This time the hat wasn't magic, and instead a greedy old man was making money with a snow removal spray. He was brought back into the fold when he failed to become the winter carnival king, in a plot twist which lacked any real motivation.
Continuity from original: C
I miss Rankin-Bass.