"It's a little peculiar. On the one hand, [we were] being begged to do a sequel for such a long time, and then we finally came up with a concept that we liked, we talked to [Paramount] and everyone was up for it," he explained. "And then to get the reaction we got, yeah, it's slightly puzzling to us. But you know what? It's also their money. They get to do or not do whatever they want. So we'll see."
The film's director/co-writer Adam McKay suggested on Twitter last thursday that the sequel was a no-go when he wrote: "So bummed. Paramount basically passed on Anchorman 2. Even after we cut our budget down. We tried."
But Ferrell hasn't given up hope yet. "We're still going back and forth. Maybe there is a solution. Or, I know in talking to Adam, if it never happens, then it never happens. And that's fine too. So we'll just see."