"Anchorman 2" Gets Official Green Light!

I can't believe I haven't spoken about this yet. Way last week or actually even over two weeks ago Will Ferrell appeared on American chat show "CONAN" and he appeared in character as legendary character Ron Burgundy. While on the show he confirmed that "Anchorman 2" was happening for real this time round.
Here's the link to the video: http://www.youtube.com/watch?v=MrNA7RjU91I

The first films director Adam McKay is set to return to direct the sequel and all of the original cast are set to return also. McKay briefly spoke about what the story will be about and when it will be set, 70's, 80's or the 90's, etc.
This is what he said, "We're going to hole up... Usually in a month and a half to two months we can come up with the full draft, like a rough vomit-y draft. Then, you know how it goes, the real work is in the re-writing, so then we just pound it for the next five months."

He went on to say this, "So tentatively right now she's in. But obviously we kind of have to let it be what it's gonna be. We don't want to handcuff ourselves, but we love Applegate, so any chance to work with her is always fun."

And finished with when it will be set, "I'll tell you we're staying roughly period, and I would just say it's the next stage in the development of American media and news. The fun of these characters is they confront change very poorly. So they've got some more change coming their way. I can say that pretty safely."