Reboot of Holiday Classic IT'S A WONDERFUL LIFE Now in the Works

According to The Hollywood Reporter, a reboot of the iconic Holiday film classic IT'S A WONDERFUL LIFE is currently in the works. The sequel will center on the off-spring of Jimmy Stewart's, George Bailey.

Star Partners, a production firm behind such mega hits as Moonstruck, Rain Main and The Color Purple, will finance the project along with the production company Hummingbird. The goal is to have the film in theaters in time for the 2015 holiday season.

Karolyn Grimes, who portrayed Bailey's young daughter "Zuzu" in the original film, is set to return, this time playing an angel who shows Bailey's "unlikable grandson" how much better off the world would be if he had never been born, a play on the original film's premise.

Paramount currently holds the copyright to Frank Capra's classic as well as the characters featured in it. Hummingbird's Bob Farnsworth declined to comment on how they plan to deal with that obstacle.

"Look, no one can make another It's a Wonderful Life," Farnsworth told The Hollywood Reporter. "But our story is solid, and we are going in with our eyes open. There is no doubt about it, there will be a ruckus. But I have this motto: All it takes to be a leader is to have a cause you believe in ... And we strongly believe in this."

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