Jay-Z And Will Smith Announce Joint Film Company

It’s just another power move for two of entertainment’s elite.

Jay-Z and Will Smith have announced the formation of a new film company to bring classic Broadway play Annie to the big screen.

While the company remains nameless, Hov spoke on the new venture.

“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. This venture into film development and production is a perfect next step with teams that are accomplished, creative, and innovative (via RapRadar).”

The joint venture comes on the heels of Smith’s existing company Overbrook Entertainment.

"The time is right to bring back "Annie" to the big screen," said Doug Belgrad, president of Columbia Pictures, Overbrook's home base. "Combining Willow with the Overbrook team that reimagined 'Karate Kid and the spectacular Jay-Z makes this a dream project."

Hollywood insiders are already pointing their fingers at Willow Smith to play the lead role in the motion picture Annie.