The Knowles-Carters & Pinkett-Smiths

(Photo: Kevin Mazur/WireImage)

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," starring Will and Jada's daughter Willow, who recently signed to Jay-Z's Roc Nation label.

Although the project is in the 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. For their next venture together they joined forces to co-produce the Broadway play "Fela!" Since then, Willow, who is managed by Overbrook's Miguel Melendez, signed to Roc Nation which released her 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."