Jay-Z and Will Smith Form Joint Film Venture

A star is about to be reborn. Following reports that Will Smith was rebooting the 1982 musical film Annie starring his daughter Willow and featuring music from Jay-Z, the remake is official, with the announcement that Smith’s Overbrook Entertainment is partnering with Jay-Z to develop and produce major motion pictures, beginning with Annie.

Overbrook, run by Will, his wife Jada Pinkett, and partners James Lassiter and Ken Stovitz, first teamed with Hov to co-invest in beauty products line Carol’s Daughter, later partnering to produce the Broadway musical “Fela!”

“The Overbrook Entertainment family and I have a unified vision. We’ve already produced a Tony Award-winning play and we’re developing a true superstar in Willow,” said Jay-Z in a statement. “This venture into film development and production is a perfect next step with teams that are accomplished, creative, and innovative.”

It’s currently unclear if the Roc Nation chief will handle musical duties for Annie‘s soundtrack, but 10-year-old Willow will star in the remake, with Sony Pictures Entertainment developing the flick.

The singing sensation, riding on the success of her platinum single “Whip My Hair,” is prepping its follow-up “21st Century Girl,” with her debut album slated for spring.