Anchorman director Adam McKay (Talladega Nights, Land of the Lost) has officially tweeted that Paramount Studios has passed on a sequel to the 2004 comedy. For those of you who haven’t followed the development, a sequel has been in works for film for almost a year now. However, Paramount ordered McKay to trim down the movie’s budget to even consider producing the flick. Reports claim that McKay convinced breakout stars Steve Carell (Date Night, Get Smart) and Paul Rudd (I Love You, Man, Role Models) to come back at reduced salaries.

It seems, however, that Paramount still has passed over the film. It seems as no surprise, however, as star Will Ferrell (Stranger Than Fiction, Bewitched) hasn’t commanded the box office like before with his past few films. The mediocre success Step Brothers was followed by the disastrous flop Land of the Lost.

The possibility of another studio producing the sequel is also out of the question, as McKay also tweets, “No we can’t do ‘Anchorman 2’ at another studio. Paramount owns it.” This is due to the creative licenses owned by the studio.