It's a Wonderful Life Reboot: Every Time a Bell Rings, a Movie Gets an Unnecessary Sequel
updated 11/19/2013 AT 11:55 AM EST
•originally published 11/19/2013 AT 09:20 AM EST
Star Partners, a production firm that has funded Moonstruck, Rain Main and The Color Purple, among other films, will be financing the project in partnership with production company Hummingbird, aiming to get the picture out in time for the 2015 holiday season, according to Variety.
Karolyn Grimes, who played Bailey's daughter "Zuzu" in the original film, is slated to return as an angel who shows Bailey's "unlikable grandson" how much better off the world would be had he never been born, an inversion of the original film's premise.
As Entertainment Weekly notes, however, Paramount currently holds the copyright to Frank Capra's original film and its characters. Hummingbird's Bob Farnsworth (who penned the script with former Bob Hope writer Martha Bolton) declined to comment on that particular aspect of the production.
"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."
Every time a producer makes a vaguely defined pronouncement regarding a controversial sequel, an angel gets its wings.
Be among the first to know who will be crowned PEOPLE’s Sexiest Man Alive this year! Sign up below for our daily newsletter to find out about sexy celebs and other special offers.