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Paramount not “Classy” enough for Anchorman 2

After it was recently reported that the second installment of the Anchorman franchise was going to camera next year, the director of the project and long time Will Ferrell collaborator Adam McKay posted on his Twitter account that the film was dead in the water.
“So bummed” McKay wrote yesterday. “Paramount basically passed on Anchorman 2, even after we cut our budget down. We tried”.
McKay has even been quoted in interviews that Steve Carell and Paul Rudd were willing to significantly lower their respective fees in order to work on the project. This seems like an odd move for the studio considering the success of the first film and the large box office draw of Will Ferrell.
Paramount has not commented.