In this case there is a potential silver lining in the making. Actually 2. But first the film. It's the Karate Kid. Yes I know, of all the films someone could remake, why pick that? Probably because the martial arts films have been doing quiet well for over a decade now and you can't even have an action film without some in it. Just look at any Transporter movie. Or virtually any film in recent years by Jason Statham.
But before you decide to commit hari kari, you may want to consider the silver lining. It both indicates this could be an idea that is worth watching, or confirms the doom of all movies for the next decade.

This film might star Jackie Chan, and Will Smith's son Jaden.
There is no need to describe Jackie Chan. But I will anyway. He is the biggest martial arts action film actor in the world. He is probably only second to Bruce Lee in popularity, even throughout America. And at a crisp age of 50-something he is still someone a bar full of people would never want to piss off. The man is an icon, and considering he does his own stunts comparing him to any other action star makes them look like a wuss.

As for Jaden Smith, he has his fathers genes. He was the best, and probably the only good thing, in the recent remake The Day The Earth Stood Still (with a miserable performance by Keanu Reeves). In that movie, correction extended pro-ecology infomercial, he was the one character that was believable, consistent and interesting. And if we consider his work with his dad in The Pursuit of Happiness, much the same can be said of his work there.
In fact, I think that it is highly likely we will see a lot more of Jaden. As long as he stops working in remakes. Even if by some chance this one works out.
And yes you can read it, I have a doubt. It's not Chan nor Smith that concerns me. I doubt Hollywood. I can't see them committing to the story.
Without question some Hollywood exec is going to want to play up the laughs in the film since Chan can do comedy. And they will want a needless and plot-killing action sequence just to show off what Chan can do. And then we will likely get an overly sappy cuteness for Smith. So it will end up being all the extremes of the original film, thrown together without regard for the original storyline - which will likely be thrown out completely if the history if remakes in the last decade is any example.
Could this idea work? Yes. The talent is definitely there. But the greed of Hollywood studios and the laziness of scriptwriters weighs heavy in my mind. Either way this is something that deserves more attention as details get fleshed out.
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