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