Paramount are attempting to fight plans for a sequel to the classic Christmas movie It's A Wonderful Life.

The owner's of the movie's rights released a statement which read: "No project relating to It's A Wonderful Life can proceed without a license from Paramount. 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 film's rights since 1999, reports The Guardian, after the studio bought Spelling Entertainment and got Republic Pictures in the deal. Republic owned Liberty Films, who made It's A Wonderful Life in 1946.

Earlier this week it was reported that the planned follow-up to the Frank Capra-directed film will be called It's A Wonderful Life: The Rest Of The Story and will feature surviving cast member Karolyn Grimes, who played Zuzu - daughter of James Stewart's George Bailey - in the original film.

The new film will apparently tell the story of Bailey's 'mean' grandson, with Grimes' character - now an angel - visiting him to show him how the world would have been better if he had never existed, in a reversal of the original movie's storyline.

The film is mooted for a 2015 release and producers are currently looking for a director for the project, with hopes of scoring a $25-32 million budget. The script's co-writer Bob Farnsworth has said of the project: "It's a Wonderful Life is about showing a good guy can win. And with Scrooge, you have a person that is not a good guy but he changes. This story is about the amazing human capacity to forgive when we see someone change for the better."

Of doubts surrounding the idea of making a sequel to such a classic film, he added: "Look, no one can make another It's a Wonderful Life. But our story is solid, and we are going in with our eyes open. There is no doubt about it, there will be a ruckus. But I have this motto: All it takes to be a leader is to have a cause you believe in. And the stronger you believe in the cause, the more adversaries you will have. And we strongly believe in this."

It's a Wonderful Life is a 1946 American Christmas drama film produced and directed by Frank Capra, based on the short story "The Greatest Gift".