Will Ferrell, 44, got in character as news reporter Ron Burgundy last night on Conan to announce that there is a second Anchorman film in the making.

"I want to announce this to everyone here in the Americas," he said. "To my friends in Spain, Turkey, and the U.K., including England … as of 0900 Mountain Time, Paramount Pictures and myself, Ronald Joseph Aaron Burgundy, have come to terms on a sequel for Anchorman. It is official, there will be a sequel to Anchorman.

Ferrell-as-Burgundy sandwiched his announcement between flute solos and an insult directed toward host Conan O'Brien. "You look awful," Ferrell told Conan. "You look like someone put a bright red fright wig on a skeleton and chucked it out of a helicopter."

As for the upcoming follow-up to Anchorman, director and co-writer Adam McKay also referred to it back in 2010, reports MTV News. "We had an idea and we contacted Steve [Carell] and Paul [Rudd], and [David] Koechner and Christina [Applegate] and checked in with everyone and they were all game for it," McKay said. "It's a tricky movie because everyone went and did really well after it, so everyone's prices went up and everyone's time got a little more valuable. But at the same time, graciously, Steve and Paul and everyone agreed to cut their price to come and do it, which you don't see very often in Hollywood — and cut their price substantially," he added.

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