News: Jay-Z Gets Jiggy W/ Will & Jada Smith

Thursday, Jan 27, 2011 7:00AM

Written by Biz Jones

Rap mogul Jay-Z will show off his entrepreneurial skills in Hollywood this year with the new announcement of a partnership with blockbuster actors/couple Will and Jada Smith.

Details of their new business relationship landed online Wednesday (January 26) evening.

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. 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 Smith, who is managed by Overbrook's Miguel Melendez, has signed to Roc Nation and released first single "Whip My Hair." (Billboard)

Wasting little time, they will begin planning for a remake of children's movie classic, Annie.

Will Smith and Jada Pinkett-Smith are planning to produce a remake of the 1982 film "Annie" starring the couple's 10-year-old daughter, Willow. The film, which is based on a Broadway musical, tells the story of an orphan adopted by a wealthy man. Overbrook Entertainment, the Smiths' company, announced today that it had formed a joint venture with rapper Jay-Z to develop and produce "Annie" and potentially other feature films. Jay-Z will serve as a producer on "Annie." (Wall Street Journal)

Confirmation on the latest venture has also been issued.

"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." (Reuters)

The rap mogul also shared his motivation for going through with the deal.

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." (WNCF TV News)

Check out some recent Jay-Z footage down below:

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