Will Ferrell Makes Major Announcement On “Conan” (VIDEO)

It's an announcement that's been eight years in the making.

Will Ferrell made an appearance on Conan O'Brien's talk show Wednesday as Ron Burgundy and jammed on flute before making the long-awaited 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.'"

Talks of a sequel have been circulating for years, but never came to fruition until now. Steve Carell, Paul Rudd and David Koechner will reprise their original roles, Judd Apatow will produce and Adam McKay is set to return as director.