The announced It's a Wonderful Life sequel isn't sounding too wonderful to Paramount. 

Derrik J. Lang of the Associated Press reported that the studio said that it would fight the proposed sequel to the film titled It's a Wonderful Life: The Rest of the Story that Variety reported was in the works earlier this week. The sequel, which would feature the grandson of Jimmy Stewart's character in the 1946 film, is being financed by Allen J. Schwalb and Bob Farnsworth  of Hummingbird Productions, the latter of whom co-wrote the screenplay. 

But the studio said that they do not have the appropriate rights. "No project relating to It's A Wonderful Life can proceed without a license from Paramount," Paramount said in a statement. "To date, these individuals have not obtained any of the necessary rights, and we would take all appropriate steps to protect those rights." Paramount has controlled the rights for the past 14 years, Lang noted. (The Hollywood Reporter's Borys Kit wrote that Farnsworth "checked on the rights, which were in the public domain.") 

Alas, that's likely a dead end for a probably not very good idea anyway. So, who's going to get on board with our other Christmas classic sequel ideas?