The new film, directed by Sam Raimi, is due March 8, 2013. The cast features Academy Award nominee James Franco as the young wizard, Golden Globe nominee Mila Kunis as the witch Theodora, Academy Award winner Rachel Weisz as Kunis' sister Evanora, two-time Oscar-nominated actress Michelle Williams as Glinda, the Good Witch and Golden Globe nominee Zach Braff as Franco's circus assistant.

"Oz The Great and Powerful," according to production notes, "imagines the origins of L. Frank Baum’s beloved character, the Wizard of Oz. When Oscar Diggs (James Franco), a small-time circus magician with dubious ethics, is hurled away from dusty Kansas to the vibrant Land of Oz, he thinks he’s hit the jackpot—fame and fortune are his for the taking—that is until he meets three witches, Theodora (Mila Kunis), Evanora (Rachel Weisz) and Glinda (Michelle Williams), who are not convinced he is the great wizard everyone’s been expecting. Reluctantly drawn into the epic problems facing the Land of Oz and its inhabitants, Oscar must find out who is good and who is evil before it is too late. Putting his magical arts to use through illusion, ingenuity—and even a bit of wizardry—Oscar transforms himself not only into the great and powerful Wizard of Oz but into a better man as well."

The film is produced by industry veteran Joe Roth, along with executive producers Grant Curtis, Philip Steuer and Palak Patel.