Great Odin’s raven! Anchorman 2 is officially underway at Paramount with star Will Ferrell aboard, along with original cast members including Steve Carell and Paul Rudd. Today Ferrell crashed the set of Conan O’Brien’s TBS late night talk show in full Ron Burgundy garb, flute in hand. He came prepared to play, make fun of the red-haired comic, and most importantly to announce that Paramount is going to back a sequel to the outrageous, cult 2004 comedy. Ferrell as Burgundy proclaimed, “As of 0900 Mountain time, Paramount Pictures and myself–Ronald Joseph Aaron Burgundy–have come to terms on a sequel to Anchorman.” And the crowd went wild.

Rumors of an Anchorman sequel have been rumbling since July of 2009 when Ferrell said that he was excited to talk about what a potential sequel would be about with castmates Carell and Rudd. Unfortunately due to salary concerns and scheduling conflicts, the movie failed to get off the ground. Since then, however, Ferrell must have pushed hard to make this happen and now Anchorman 2 is most definitely in the works! Adam McKay is back to direct and he will pen the script with Ferrell. Judd Apatow is producing under his production banner. Though the plot still remains under wraps, Ferrell teased in ’09 that a followup “would bring classy 1970s newsman Ron Burgandy into the 1980s.”

Grab a scotchy scotch scotch and click after the break to watch Burgundy flaunt his jazz flute and announce the highly anticipated sequel.