WATCH: First Jay Z-produced 'Annie' movie trailer with Jamie Foxx, Cameron Diaz and Quvenzhané Wallis

This week we were treated to the first trailer for the Jay Z-produced modern adaptation of Annie. In this brand new, full-length trailer we see Quvenzhané Wallis' take on the classic character, supported by Hollywood stars Jamie Foxx, Cameron Diaz and Rose Byrne.

Watch the trailer right here:

"A Broadway classic that has delighted audiences for generations comes to the big screen with a new, contemporary vision in Columbia Pictures' comedy, Annie," the official press release for the film reads. "Director/Producer/Screenwriter Will Gluck teams with producers James Lassiter, Will Smith & Jada Pinkett Smith, and Shawn 'JAY Z' Carter, Laurence 'Jay' Brown, and Tyran 'Ty Ty' Smith with a modern telling that captures the magic of the classic characters and original show that won seven Tony Awards. Celia Costas serves as Executive Producer. The screenplay is by Will Gluck and Aline Brosh McKenna, based on the musical stage play Annie, book by Thomas Meehan, music by Charles Strouse, lyrics by Martin Charnin, and on 'Little Orphan Annie,' © and ® Tribune Media Services, Inc."

Here is the synopsis for the modern remake of Annie:

Academy Award® nominee Quvenzhané Wallis (Beasts of the Southern Wild) 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 brilliant 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.