*It’s now official. Shawn “Jay-Z” Carter has signed a deal to co-produce a new movie based on the Broadway musical Annie with Willow Smith in the lead role.

Jay-Z has signed a deal with Willow’s parents Will and Jada Pinkett-Smith and their partners at Overbrook Entertainment for a joint-venture to develop and produce major motion pictures – the first being  Annie.

The partnership between Will, Jada and Jay-Z began when the three decided to invest in the beauty line Carol’s Daughter. They next joined forces = to co-produce the Broadway play “Fela!” Since then, Willow, who is managed by Overbrook’s Miguel Melendez, has signed to Roc Nation and released 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.”