Principal photography has begun on Sam Raimi’s next film, Oz The Great and Powerful and now we have the first official synopsis for the film. We now know that the eponymous’ wizard’s real name is Oscar Diggs. Diggs is “a small-time circus magician with dubious ethics” who finds himself transported to Oz and drawn into a battle between the three witches Theodora (Mila Kunis), Evanora (Rachel Weisz) and Glinda (Michelle Williams). The film also stars Zach Braff as Diggs’ circus assistant, and Braff will also lend his vocal talents to one of the CGI creatures in the story — Finley, the winged monkey who accompanies the magician on his journey to Oz. I’ve always said that the only thing better than a monkey sidekick is a flying monkey sidekick.

Hit the jump for the full synopsis and press release. Oz The Great and Powerful is set to open on March 8, 2013.

Here’s the official synopsis for Oz The Great and Powerful:

“Oz The Great and Powerful” imagines the origins of L. Frank Baum’s beloved character, the Wizard of Oz. When Oscar Diggs (James Franco), a small-time circus magician with dubious ethics, is hurled away from dusty Kansas to the vibrant Land of Oz, he thinks he’s hit the jackpot—fame and fortune are his for the taking—that is until he meets three witches, Theodora (Mila Kunis), Evanora (Rachel Weisz) and Glinda (Michelle Williams), who are not convinced he is the great wizard everyone’s been expecting. Reluctantly drawn into the epic problems facing the Land of Oz and its inhabitants, Oscar must find out who is good and who is evil before it is too late. Putting his magical arts to use through illusion, ingenuity—and even a bit of wizardry—Oscar transforms himself not only into the great and powerful Wizard of Oz but into a better man as well.

And here’s the press release, which has more details on the film as well as listing of the principal crew: