Jay-Z has teamed up with Will Smith and wife Jada Pinkett Smith on a new business venture.

The hip-hop superstar has joined the Hollywood couple's production company Overbook Entertainment to develop and produce movies, with the first one being a remake of 'Annie', which will star Will and Jada's 10-year-old daughter Willow.

Jay-Z said: "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."

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, while the '99 Problems' hitmaker previously created a hip-hop version of 'Hard Knock Life', one of the best-known songs to come from the musical.