, the latest film iteration of the Broadway classic based on the long-running comic strip created by Harold Gray, debuted its first trailer online today. Designed as a vehicle for Oscar nominee Quvenzhane Wallis, Annie returns to the big screen "with a new, contemporary vision" in Columbia Pictures' comedy. Will Smith & Jada Pinkett Smith join Jay Z and a raft of other producers to put a spin on the decades-old story with a modern telling of the original show that won seven Tony Awards. The syndicated comic strip started by Gray ran from 1924-2010, with numerous artists taking over following his death in 1968. Characters from the strip appeared in the syndicated Dick Tracy strip last year, with the intimation that there may be a Dick Tracy story soon in which he seeks out the (missing) Little Orphan Annie. Here's the official description for the film, which also stars The Amazing Spider-Man 2's Jamie Foxx. Academy Award nominee Quvenzhane Wallis stars as Annie, a young, happy foster kid who's also tough enough to make her way on the streets of New York in 2014. Originally left by her parents as a baby with the promise that they'd be back for her someday, it's been a hard knock life ever since with her mean foster mom Miss Hannigan (Cameron Diaz). But everything's about to change when the hard-nosed tycoon and New York mayoral candidate Will Stacks (Jamie Foxx) -- advised by his prilliant VP, Grace (Rose Byrne) and his shrewd and scheming campaign advisor, Guy (Bobby Cannavale) -- makes a thinly-veiled campaign move and takes her in. Stacks believes he's her guardian angel, but Annie's self-assured nature and bright, sun-will-come-out-tomorrow outlook on life just might mean it's the other way around. You can see the trailer embedded below.