Will Smith, Jay-Z 'Annie' film confirmed

Will Smith's production company Overbrook Entertainment has teamed with Jay-Z to produce feature films.

It was reported last week that the stars were in negotiations over collaborating on a movie remake of the Broadway musical Annie with Smith's daughter Willow in the lead role.

Sony Pictures has now confirmed that it is backing the project, says The Hollywood Reporter.

"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.

He added: "Combining Willow with the Overbrook team that reimagined Karate Kid and the spectacular Jay-Z makes this a dream project. A decade ago, Jay-Z proved that the power of the underlying Broadway property remains, by showing how these songs could be reinterpreted for a new generation with 'Hard-Knock Life'."

Jay-Z praised Willow as a "true superstar", saying: "The Overbrook Entertainment family and I have a unified vision… This venture into film development and production is a perfect next step with teams that are accomplished, creative and innovative."

Overbrook founder James Lassiter commented: "We are excited to partner together to develop and produce a wide variety of films with our long-time friend Jay-Z."