The studio said that Star Partners and Hummingbird Prods. have not obtained the sequel rights to the movie, which starred Jimmy Stewart and Donna Reed.
“No project relating to ‘It’s a Wonderful Life’ can proceed without a license from Paramount,” a Par spokesman said. “To date, these individuals have not obtained any of the necessary rights, and we would take all appropriate steps to protect those rights.”
Rko Pictures released the movie in 1946. Paramount owns the copyright due to its 1998 acquisition of Spelling Entertainment and its Republic Pictures subsidiary, which had been the owner of the rights to the original 1939 story “The Greatest Gift.”
The sequel, titled “It’s a Wonderful Life: The Rest of the Story,” is being financed by Allen J.