Jay-Z & Will Smith announce joint Film Production Company

Following the news that the duo were in talks over remaking Annie, it has been announced today that Jay-Z and Will Smith will be joining forces to create a film production company.
Will Smith and Jay-Z have already teamed up in visual entertainment for the successful Fela! play, which has recently finished sold out runs on New Yorks Broadway and Londons West End and focuses on the life of Nigerian musician and activist, Fela Kuti.
Jay-Z said on the venture, “The Overbrook Entertainment family and I have a unified vision. Weve already produced a Tony Award winning play and were developing a true superstar in Willow. This venture into film development and production is a perfect next step with teams that are accomplished, creative, and innovative.”
As of yet, no name for the project has been given, and it is not clear yet whether Will Smiths production company, Overbrook Entertainment, which has been operating since 1998 and produced many of Smiths latest blockbusters including Hancock and I Am Legend, will continue to operate separately . We can assume that the first production from the duos new venture will be the recently spoken-of Annie remake starring Willow Smith.