Will Smith, Jay-Z team to remake "Annie"

LOS ANGELES - Overbrook Entertainment partners James Lassiter, Ken Stovitz, Jada Pinkett Smith and Will Smith are partnering with Jay-Z to release movies.

One of the first projects they're discussing is a remake of the Broadway classic "Annie," in which the Smiths' daughter, Willow, 9, would star.

Jay-Z sampled the tune "It's a Hard Knock Life," from the "Annie" musical, in his hit "Hard Knock Live (Ghetto Anthem)."

The film will be developed with Sony Pictures Entertainment and produced by Overbrook Entertainment and Jay-Z (real name: Shawn Carter).

Jada, Will, Lassiter and Jay-Z decided to form the partnership over a recent dinner. They also co-invested in beauty products line Carol's Daughter, and co-produced the Broadway production of "Fela!," which earned 11 Tony Award nominations in 2010.

Willow Smith signed onto Jay-Z's record label, Roc Nation, which produced her first single titled "Whip My Hair," which has been certified Platinum.

"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 in a statement. "Combining Willow with the Overbrook team that reimagined 'Karate Kid' and the spectacular Jay-Z makes this a dream project."

Said Jay-Z in a statement, "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."

Overbrook Entertainment has generated more than $2.5 billion in revenue by producing some of Smith's films like "Ali," "Hitch," "Pursuit of Happyness," "I Am Legend" and "The Karate Kid."