Will Smith, Jada Pinkett-Smith and their partners at Overbrook Entertainment have formed a joint-venture with Shawn "Jay-Z" Carter to develop and produce major motion pictures. First up? A remake of the Broadway musical "Annie," in which Will and Jada's daughter, Willow -- who recently signed to Jay-Z's Roc Nation label -- will star in.

Although the project is in its preliminary stages, it will be developed with Sony Pictures Entertainment and produced by Overbrook and Jay.

The partnership between Will and Jada and Jay-Z began when the three decided to invest in the beauty line Carol's Daughter. Their next venture together was when they joined forces again to co-produce the Broadway play "Fela!" Since then, Willow, who is managed by Overbrook's Miguel Melendez, has signed to Roc Nation and released first single "Whip My Hair."

"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."

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