Will Ferrell Announces 'Anchorman' Sequel on 'Conan' (Video)

Will Ferrell, FoD co-founder, actor-writer

The movie star-turned-web entrepreneur traded $100 million budgets for $100 budgets and a whole new level of notoriety.

UPDATED: The actor will reprise his role as lovable news anchor Ron Burgundy in the sequel from Paramount.

Will Ferrell is returning for Paramount's untitled Anchorman sequel and will reprise his role as San Diego news anchor Ron Burgundy.

Ferrell is slated to appear on TBS' Conan on Wednesday night to announce the film. A clip of the actor's appearance, in which he appears as Burgundy, circulated on the Internet on Wednesay afternoon. In the clip, Burgundy regaled the audience with a jazz flute performance and announced the new film.

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Ferrell said: "I want to announce this to everyone here in the Americas, to our friends in Spain, Turkey and the U.K. -- including England -- that as of 0900 mountain time, Paramount Pictures and myself, Ronald Joseph Aaron Burgundy, have come to terms on a sequel to Anchorman."

Much of the first film's principal cast is expected to return for the sequel. The 2004 movie co-starred several actors whose careers have taken off in the eight years since the film was released, including Steve Carell and Paul Rudd, who are set to return for the sequel. Other cast members included Christina Applegate, Chris Parnell and Fred Willard. Anchorman, which Ferrell co-wrote with director Adam McKay, grossed $91 million worldwide.

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Ferrell and McKay will co-write the sequel and McKay will again direct. The duo will produce via their Gary Sanchez Productions along with Judd Apatow Productions. Paramount's Adam Goodman, who brought the project to the studio from DreamWorks, will oversee. Production is slated to start toward the end of 2012 with a release in 2013.

That late 2012 start allows Ferrell to fit in another movie this year; the actor is juggling a lineup of projects that in addition to the sequel includes Daddy's Home, a comedy that Etan Cohen is attached to direct, and Three Mississippi (also known as Turkey Bowl), a comedy centering on feuding families and a long-standing touch-football game that would reteam him with his co-star from The Other Guys, Mark Wahlberg.

McKay and Ferrell last teamed on Other Guys, which grossed $170 million worldwide in 2010.

Check out the clip of Burgundy's appearance on Conan below:

Email: Daniel.Miller@THR.com

Twitter: @DanielNMiller