Well, ladies and gentlemen, it has officially happened. Someone in the filmmaking industry has decided that there is absolutely nothing sacred anymore. We can now confirm that a sequel to one of the most acclaimed films of all time – and one of my personal favorites. The Its a Wonderful Life sequel has now begun production, due for a release in 2015.

The people behind the Its a Wonderful Life sequel are Allen J. Schwab of Star Partners and Bob Farnsworth of Hummingbird Pictures. Farnsworth also co-wrote the screenplay with Martha Bolton, and the proposed story for the film would be about George Bailey’s grandson being visited by an angel. Surprisingly, Karolyn Grimes, who played George Bailey’s daughter Zuzu in the original film, would be playing the angel who visits him. The producers are also seeking to have some of the other original cast members reprise their roles as well.

However, they’ll be having to face the ire of Paramount Pictures, who currently hold the rights to It’s A Wonderful Life. Paramount released a statement saying that they intend to fight this film’s production.

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

In an interesting twist, this actually would not be the first time that the industry has tried to make a quick buck off of Frank Capra’s masterpiece. Before Paramount purchased the rights, there were two different film projects that have come about directly linked to the 1946 film. There was 1977’s It Happened One Christmas, a gender-reversed version of the original, and 1990’s Clarence, which is another story of the angel Clarence Oddbody.

While I was first shocked and appalled that someone would be even daring to produce an Its a Wonderful Life sequel to Capra’s masterpiece, I’m comforted to know that the executives at Paramount will probably not be allowing this to happen. It’s A Wonderful Life is one of my absolute favorite movies, and I don’t think anybody should be allowed to make any further installments to a perfect story like that.

What do you think about this news? Is it a bad idea to make a sequel related to such a beloved masterpiece? Do you think there’s any chance that the filmmakers could convince Paramount to allow them to make the film?

Sources: Collider, NY Daily News