NEW YORK (AP) - Will Ferrell's swashbuckling newscaster Ron Burgundy had his own breaking news to announce Wednesday night: A sequel to "Anchorman" is finally happening.

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Ferrell made a surprise, in-character appearance on "Conan" to regale the audience with a flute solo and declare a deal with Paramount Pictures. A sequel to the 2004 hit comedy, "Anchorman: The Legend of Ron Burgundy," has long been discussed.

Ferrell informed host Conan O'Brien: "It's official, there will be a sequel to 'Anchorman.'"

Earlier, Paramount had declined a musical plan put forth by Ferrell and director Adam McKay that also included a proposed Broadway stage show. No details on the project were immediately available but McKay, producer Judd Apatow, and co-stars Paul Rudd and Steve Carell are expected to return.