Rap mogul Jay-Z has teamed up with Will Smith and wife Jada Pinkett for a new movie business venture which will have them work on a remake of ‘Annie’.

The rapper has joined the couple’s production company Overbook Entertainment to develop and produce movies, reported Billboard.

The first one will be a remake of ‘Annie’, which will star Will and Jada’s 10-year-old daughter Willow.

“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. This venture into film development and production is a perfect next step with teams that are accomplished, creative, and innovative,” Jay-Z said.

The trio – who teamed up last year to bring hit musical ‘Fela!’ to the Broadway stage – will co-produce the film.

‘Whip My Hair’ singer Willow is signed to Jay-Z’s record label Roc Nation.

Jada Pinkett Smith has revealed she will not work with her husband Will Smith because she intends on staying married.

The beautiful actress, who has the new animated movie ‘Madagascar: Escape 2 the Jungle’ currently playing in theaters, believes the couple’s relationship would struggle in a professional enviroment.

She said; “Will wanted to do ‘Madagascar’ with me but we decided to stay married. I love being in control. I plan on being in control on a film sometime next year as well.”

Jada had previously asked Will to direct her scenes in her new directorial debut in ‘The Human Contract’ but did admit in doing so the request led to some family tension.

She said; “The family that directs together has to work hard to stay together!”

Earlier this year the beautiful actress confessed her marriage has it’s ups and downs revealing; “My life with Will is beautiful and sound.

But I don’t want people to misunderstand what that means. That doesn’t mean that we don’t have disagreements or that sometimes I want him out of my face and he wants me out of his.

We have moments in our love life when it’s really hot and moments in our love life when it’s not.”

Meanwhile, Jada recently admitted she is a “tomboy”, who grew up taking part in traditionally males sports and had a lot of males friends.

She said; “I’m a girl-guy and I always have been. I’m a tomboy, I like boxing, and I like sports.

The irony is I was the girl in school that was always very petite and underdeveloped so I was thought of as everybody’s little sister.

I was never the girlfriend. I was always the little sister. Guys were going, ‘We love Jada. That’s my girl. That’s my little sister, right there.’”