Credit: Frank Masi

Image Credit: Frank MasiCould Ron Burgundy live to anchor another nightly newscast after all? Last Thursday, Anchorman director/co-writer Adam McKay suggested via Twitter that the long–gestating sequel was a no-go: “So bummed. Paramount basically passed on Anchorman 2. Even after we cut our budget down. We tried.”

Talking to EW today, McKay’s star and co-writer Will Ferrell struck a similarly bemused tone. But wait! Ferrell wouldn’t rule out the possibility that Anchorman 2 might get made after all. Read on for our Q&A.

Meanwhile, sources close to Paramount confirm to EW that negotiations are ongoing, and say it all comes down to money. They say the studio won’t makeanother Anchorman for more than $50 million, due to concerns about the first one’s overseas gross, and that McKay and Ferrell have asked for closer to $70 million. Ferrell’s camp, however, tells EW that those numbers are not accurate. —Additional reporting by Nicole Sperling

ENTERTAINMENT WEEKLY: Anchorman has been back in the headlines with Paramount passing on the sequel. What happened with that? How do you feel about that?

WILL FERRELL: Well, you know, yeah, 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 all the guys, and everyone was up for it. 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. 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.

Were you at the actual meeting where they turned it down?

No, I was there when we said we were up for doing this. That was met with a lot of, like, “Oh wow, oh my God, amazing, great!” The other stuff came later.

It sounds like you wouldn’t rule out that it might come back around.

We’re in such a weird kind of time right now in terms of the studios and where they want to put their money or not. Yeah. You never know. They may circle back. It’s always a negotiation, even if it’s a “No.” You just never know. Six months from now, they could have some movies fall apart and their slate is a little light, and, like, “Hey, let’s revisit that.” So we’ll just kind of keep moving on, see what happens.