Nearly two years after Paramount Pictures passed on Anchorman 2, the project has been brought back from the dead and given a green light by the studio. Star Will Ferrell made a surprise appearance on Conan today, announcing that this sequel is finally happening. Take a look at his hilarious video announcement.

Anchorman: The Legend of Ron Burgundy director Adam McKay will return to direct Anchorman 2, working from a script he is co-writing with Will Ferrell. Judd Apatow will produce the sequel. Anchorman: The Legend of Ron Burgundy co-stars Christina Applegate, Paul Rudd, Steve Carell, David Koechner, and Fred Willard are all expected to reprise their roles for the sequel.