EXCLUSIVE: Will Smith has replaced Hugh Jackman in Collateral Beauty, the feature about a New York advertising executive who experiences a personal tragedy and the subsequent unconventional plan from his colleagues to break him out of his depression. Rooney Mara also is attached to star. Overbrook Entertainment is coming aboard to co-produce the project alongside Anonymous Content, PalmStar and Likely Story. PalmStar is fully financing.

Written by Allan Loeb, the project will be directed by Alfonso Gomez-Rejon (Me And Earl And The Dying Girl). PalmStar Media and Likely Story paid $2.25 million for the Allan Loeb script. Jackman exited the project last month.

Principal photography is expected to begin in October. Anonymous Content’s Michael Sugar and Bard Dorros are producing with Loeb. PalmStar CEO Frakes, who negotiated on behalf of his company, will executive produce with Likely Story’s Anthony Bregman and Steven Pearl. The two companies already have collaborated on pics including American Ultra, Sing Street and The Whole Truth among others.

Smith is repped by CAA and Overbrook Entertainment. CAA and WME are co-repping the film’s domestic rights.