By Nicole Sperling
Updated April 29, 2010 at 12:00 PM EDT

If you believe the tweets of GhostPanther, it is. According to the twitter feed of GhostPanther — which belongs to Adam McKay, Will Ferrell’s production partner and the co-writer/director of the original Anchorman: The Legend of Ron Burgundy — Paramount passed on the project, even after they tried lowering the budget. Said his tweet, “So bummed. Paramount basically passed on Anchorman 2. Even after we cut our budget down. We tried.”

McKay’s reps have no comment and we’ve called Paramount and have not yet received a response. A source close to the studio says Paramount didn’t officially pass, but rather wanted a lower budget than McKay and Farrell presented–a budget the duo felt was too low to make the film successfully. We’ll keep you posted as we learn more details.

UPDATE: McKay wrote a follow-up Tweet on his feed: “To all who asked: no we can’t do Anchorman 2 at another studio. Paramount owns it.”