Some great news here – not only am I excited about this joint venture but Annie happens to be one of my favorite movies! I was too young to see the play but I have the movie version that I still watch to this day. Can’t wait to see the end result with Willow Smith starring. Let us know what you think.

“Overbrook Entertainment partners James Lassiter, Ken Stovitz, Jada Pinkett Smith and Will Smith have formed a joint venture with Shawn “JAY-Z” Carter to develop and produce major motion pictures. One of the projects being discussed is the re-imagination of the classic Broadway musical ANNIE as a vehicle for Willow Smith to star. The film will be developed with Sony Pictures Entertainment and produced by Overbrook Entertainment and Mr. Carter.

The partnership began over dinner with Jada, Will, James Lassiter and JAY-Z, where they decided to co-invest in the now successful beauty products line Carol’s Daughter. They continued this partnership as co-producers of the successful Broadway production Fela!, which earned a total of eleven Tony Award nominations in 2010.

Additionally, Willow Smith, managed by OE Executive Miguel Melendez, signed onto JAY-Z’s record label, Roc Nation which produced her first single titled “Whip My Hair,” which has been certified Platinum. JAY-Z previously sampled the classic Annie song “It’s the Hard Knock Life” in his chart-busting single “Hard Knock Life (Ghetto Anthem).”

“The time is right to bring back ANNIE to the big screen. Of course, we’re true believers in Willow’s talent and believe she will be perfect in this role,” said Columbia Pictures President Doug Belgrad. “Combining Willow with the Overbrook team that reimagined Karate Kid and the spectacular JAY-Z makes this a dream project. A decade ago, JAY-Z proved that the power of the underlying Broadway property remains, by showing how these songs could be reinterpreted for a new generation with Hard-Knock Life. We couldn’t be more thrilled to be working with our friends at Overbrook as they launch this new venture.”