On Wednesday evening, Will Ferrell stopped by Conan O'Brien's talk show in character as Ron Burgundy to make an important announcement: Paramount Pictures has officially greenlit a sequel to the hugely popular 2004 comedy "Anchorman: The Legend of Ron Burgundy."

After playing some jazz flute and poking fun at Conan, Ferrell made his official announcement. "As of oh-nine-hundred hours 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.'"

He then played more jazz flute and disappeared into the curtains.

A sequel for "Anchorman" has long been in the works, but had previously failed to come to fruition. Originally, Ferrell and director Adam McKay intended for a sequel to to originate as a Broadway show before coming to the big screen. However, the planned film, which was to take place in outer space, was deemed "not a good fit" by Paramount executives as of last May. Of course, that was before "The Other Guys," also directed by McKay and starring Ferrell, made over $170 million worldwide.

No word on the release date for the sequel, but Deadline reports that the movie will see Paul Rudd, Steve Carell and David Koechner reprise their roles from the original. They also indicate that Judd Apatow will again produce and McKay will direct the film.

Ferrell's decision to make his exclusive announcement on "Conan" is hardly surprising, as the "Casa de mi Padre" star has a long history with the talk show host. After appearing on some classic bits on O'Brien's "Late Night," Ferrell had the distinction of appearing as both the first and last guest on O'Brien's "Tonight Show," and even performed "Free Bird" to close out the show's shortlived run. When O'Brien went to TBS, Ferrell personally shaved off Conan's beard in a high-profile moment.