Last night Will Ferrell dropped by Conan O’Brien’s talk show, in character as Ron Burgundy. He announced that Paramount Pictures has officially given the thumbs up to an ‘Anchorman: The Legend of Ron Burgundy’ sequel, the popular 2004 comedy.

He played a little flute, and made fun of Conan before making his 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.’”

It’s been rumored for years that an ‘Anchorman’ sequel was coming, and now we’re finally getting confirmation!

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.