AceShowbiz -

Walt Disney Pictures has set a release date for "Oz: the Great and Powerful". Deadline reports that the upcoming movie, which stars James Franco and Mila Kunis, will make its way out across the nation on March 8, 2013.

Based on a 1939 book, "The Wonderful Wizard of Oz", by L. Frank Baum, the film tells a story of Franco's titular character, a fast-talking person who works as a snake oil salesman and illusionist. He runs away from a traveling circus and is blown in a hot air balloon by a tornado to Oz, where he has to fight against magic and the sisters battling for control of the land.

In the meantime, Kunis' Theodora, the youngest sister of three witches, is a good witch. She is living along with her sister Glinda. However, she later turns into a bad person and joins forces with her evil sister Evanora after Franco's character rejects her sexual advances.

Previously, Michelle Williams has been rumored tackling the role of Glinda. Rachel Weisz has also been rumored portraying Evanora. Directed by Sam Raimi, the upcoming film has "Rabbit Hole" screenwriter David Lindsay-Abaire rewrite the script, which was written by Mitchell Kapner. Joe Roth ("Alice in Wonderland") will serve as the producer.