Karate Kid Sequel On It's Way We all knew this was going to happen, a sequel to the remake of the " Karate Kid ." With the film budgeted in the $40 million range, " Karate Kid " has grossed nearly $300 million worldwide. A sequel was put in motion immediately, with the writing gig becoming one of the hottest assignments in town.Cyrus Voris and Ethan Reiff are moving from kung fu to karate. The duo, who have story by credit on 2008's " Kung Fu Panda ," have been tapped to pen the sequel to " The Karate Kid ," Sony's surprise summer hit that Will Smith produced and starred his son Jaden Smith . Budgeted in the $40 million range, " Karate Kid " has grossed nearly $300 million worldwide. A sequel was put in motion immediately, with the writing gig becoming one of the hottest assignments in town. The update deviated from the 1984 original in that the latest story was set in China; a 1986 sequel saw the action go from th