UPDATED: Work begins on It’s a Wonderful Life sequel.. or not

Variety is reporting that a sequel to the Christmas classic, It’s a Wonderful Life, is going into production.

It’s A Wonderful Life: The Rest of the Story will focus on George Bailey’s grandson, also named George, a role that’s yet to be cast, with Karolyn Grimes, who played Bailey’s daughter Zuzu in the original movie, returning as an angel, showing him how much better the world would be if he hadn’t been born.

No word on any other actors involved in the film however producers are supposedly having talks with other original cast members, Jimmy Hawkins and Carol Coombs, Tommy and Janie Bailey, respectively, to return.

With a screenplay written by producer Bob Farnsworth along with Martha Bolton, the producers are currently look at potential directors with plans to film most of the movie in Louisiana with a budget of $25 to 30 million. They’re hoping to get the movie into theaters by the 2015 holiday season.

Farnsworth said: “The storyline of the new film retains the spirit of the original – every life is important as long as you have friend.”

UPDATE

Looks like this may all be baloney…

According to IGN: “Producer Bob Farnsworth and writer Martha Bolton don’t even have the rights to the original story, about a frustrated businessman who’s shown what life would have been like if he never existed. As it turns out, those rights currently belong to Paramount Pictures, which has no interest in making a sequel at this time.

“No project relating to It’s A Wonderful Life can proceed without a license from Paramount,” said a studio rep in a statement. “To date, these individuals have not obtained any of the necessary rights, and we would take all appropriate steps to protect those rights.”

So, that’s a win for the movie going public then…

 

 

So, yeah, remember that story about It’s a Wonderful Life getting a sequel? Well, you can all cool your jets, because that’s not happening after all.

First, according to the NY Post, producer Bob Farnsworth and writer Martha Bolton don’t even have the rights to the original story, about a frustrated businessman who’s shown what life would have been like if he never existed. As it turns out, those rights currently belong to Paramount Pictures, which has no interest in making a sequel at this time.

“No project relating to It’s A Wonderful Life can proceed without a license from Paramount,” said a studio rep in a statement. “To date, these individuals have not obtained any of the necessary rights, and we would take all appropriate steps to protect those rights.”

Yep, looks like the 1946 classic gets to keep its good name, at least for a few more Christmases. With any luck, Paramount won’t latch onto any ideas…

Max Nicholson is a writer for IGN, and he desperately seeks your approval. Show him some love by following @Max_Nicholson on Twitter, or MaxNicholson on IGN.