New Trailer: 'Oz, the Great and Powerful'

The Wizard of Oz is back--sort of.

Moments after Disney wrapped its Comic-Con presentation for “Oz, the Great and Powerful,” the studio released a dazzling first-look at Sam Raimi's prequel to “The Wizard of Oz" (see below).

Based on the 1939 classic film, “Oz, the Great and Powerful” stars James Franco, Mila Kunis and Michelle Williams and tells the story of a circus wrangler who is transported via tornado to the mysterious land of Oz, where he is mistaken for an all-knowing Wizard.

Joe Roth (“Alice in Wonderland”) produced the film while Mitchell Kapner and David Lindsay-Abaire penned the script.

"Oz" also marks the first helming vehicle for Raimi since "Drag Me to Hell." Raimi was supposed to direct the fourth Spider-Man movie before Sony decided to reboot the series.

“Oz, the Great and Powerful,” shot last year in Michigan, opens wide March 8, 2013.

Watch trailer: