Willl Smith and Jay-Z Make Movie Partnership Official

‘I Am Legend’ actor's Overbrook and hip hop starsuper look to develop projects including a movie-adaptation of “Annie” for Willow Smith

Will Smith's Overbrook Entertainment is partnering with music star Jay-Z on a new film venture, the company announced Wednesday.

Among the initial projects under development will be another film adaptation of the Broadway hit "Annie," which would serve as a starring vehicle for Smith's daughter Willow.

According to the Overbrook announcent, the deal was spawned from a dinner featuring company partners James Lassiter, Jada Pinkett Smith and Will Smith, and Shawn "Jay-Z" Carter, during which the group also decided to co-invest in a beauty-products line called Carol's Daughter.

Also emerging from that dinner was the decision to produce a Broadway play, "Fela!," which won 11 Tonys.

"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."