( CNN ) -- A sequel to Frank Capra 's classic 1946 film `` It 's a Wonderful Life '' is in the works , but it might take a Christmas miracle to turn this reboot into a classic . According to a news release from film financier Allen J. Schwalb and his company Star Partners , `` It 's a Wonderful Life : The Rest of the Story '' will tell what happened to the Baileys of Bedford Falls after the first movie ended . To help bridge the two films , producers announced that Karolyn Grimes , who at 6-years-old played Zuzu Bailey alongside Jimmy Stewart and Donna Reed , will reprise her role . Grimes might have been charming as little Zuzu in the original , but her film resume ended roughly when her teens started in 1952 . There are also talks with other living original cast members to see if they would sign on to the movie , which may sound like a holiday treat to some and like a lump of coal to many . `` It 's a Wonderful Life : The Rest of the Story '' will be written by Bob Farnsworth , known primarily as a music producer , and Martha Bolton , whose resume largely consists of her work done on Bob Hope specials in the 1980s and '90s . Schwalb has financed a long list of films -- including `` Rain Man , '' `` The Color Purple '' and `` Thelma and Louise '' -- but most of them were hits in the last century , and his credits as a producer appear to be minimal . Despite a reported $ 25 million to $ 32 million budget and an projected release next holiday season , the movie resembles an independent film rather than a high-profile sequel . And that 's if it can even get off the ground ; the copyright to the original is its own complicated story . NBC controls the rights to `` It 's a Wonderful Life . '' At one point , it was believed to have been part of the public domain and these new filmmakers seem to be operating as if it is . Requests for comment from NBC have not been returned , but it 's worth noting the network has been protective enough of the classic 's legacy that it airs the film sparingly even during the holidays . For his part , Schwalb says this new movie would continue the classic story for `` an entirely new generation of moviegoers '' and he is proud `` to be involved in moving this story forward . ''
A sequel to the classic `` It 's a Wonderful Life '' is being planned . The plot follows the Bailey family after the original movie ended . Karolyn Grimes , who played 6-year-old Zuzu in the 1946 film , has been cast in the sequel .