Will Smith would produce through his Overbrook Entertainment company, much like he did for his son Jaden Smith on The Karate Kid reboot.
Details are thin on the Annie production, as it doesn't seem a writer or director are attached yet. However, rapper Jay-Z is in talks to produce the music. Annie's signature song, "It's the Hard Knock Life" was sampled by Jay-Z in 1998 and served as the title of his album "Vol. 2... Hard Knock Life."
Annie began as a comic strip in 1924, which featured the orphan Annie who was taken in by Oliver "Daddy" Warbucks. The character was revitalized in 1977 with a hit Broadway musical and later in the 1982 Annie movie. It wasn't revealed if this Annie will feature a contemporary setting, or if original songs will be composed.