In this March 14, 2012 photo, Actor Will Ferrell arrives at the premiere of the feature film "Casa De Mi Padre" in Los Angeles.   Ferrell’s
In this March 14, 2012 photo, Actor Will Ferrell arrives at the premiere of the feature film "Casa De Mi Padre" in Los Angeles. Ferrell's swashbuckling newscaster Ron Burgundy had his own breaking news to announce Wednesday, March 28, 2012, A sequel to "Anchorman" is finally happening. Ferrell made a surprise, in-character appearance on "Conan" to regale the audience with a flute solo and declare a deal with Paramount Pictures. A sequel to the 2004 hit comedy, "Anchorman: The Legend of Ron Burgundy," has long been discussed. (AP Photo/Dan Steinberg) (Dan Steinberg)

Will Ferrell's swashbuckling newscaster Ron Burgundy had his own breaking news to announce Wednesday night: A sequel to "Anchorman" is finally happening.

Ferrell made a surprise, in-character appearance on "Conan" to regale the audience with a flute solo and declare a deal with Paramount Pictures. A sequel to the 2004 hit comedy, "Anchorman: The Legend of Ron Burgundy," has long been discussed.

Ferrell informed host Conan O'Brien: "It's official, there will be a sequel to 'Anchorman.'"

Earlier, Paramount had declined a musical plan put forth by Ferrell and director Adam McKay that also included a proposed Broadway stage show. No details on the project were immediately available but McKay, producer Judd Apatow, and co-stars Paul Rudd and Steve Carell are expected to return.