No movie studio would have the nerve to remake “The Wizard of Oz,” the beloved 1939 musical ranked by the Library of Congress as the most-watched film in history. But “Oz the Great and Powerful,” a Disney-produced prequel, is nearly as intrepid. The company is betting that a new twist on a story moviegoers already love will result in a hit on par with “Alice in Wonderland,” which took in more than $1 billion in 2010. It’s a breathtaking gamble. […]

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