We know ‘Anchorman 2’ is happening, thanks to Will Ferrell’s bizarre walk-on cameo announcement in full Ron Burgundy garb on Conan O’Brien’s late-night talk show. But beyond that, we knew very little about the anticipated sequel … until now.

Director Adam McKay, who will reunite with Ferrell for the further adventures of the Channel Four News Team, talked with Empire about the upcoming film, and from what we can gather, fans might want to be patient. “We’ve done about two per cent! Half a per cent? We’ve got five pages of story notes and chunks of story,” McKay admits. “We’re holing up writing for the next three months.”

So they have a blueprint, but few details. Contrary to earlier rumors, the film will not take place in the 80s as McKay confirms the story will be set between 1978 and 1979, when the media started shifting into the 24-hour news cycle and the smaller, local affiliates had to adapt by bringing in ethnically diverse anchors. Says McKay:

“Local news stations diversified and had Latino anchors and African-American anchors and any time you’re talking about diversity and the Action News team, that’s always fun to deal with.”

No kidding. Just ask Veronica Corningstone (Christina Applegate) how it felt being the first woman on the News Team.

Speaking of, the online article makes no mention of Applegate, who we still hope is returning for the sequel. But McKay does say that there will be another epic newscaster battle (“We already have a couple of ideas for it.”), and he has hinted at the involvement of a paternity suit or custody battle for Burgundy.

Knowing Ron, though, it could be over his beloved pooch, Baxter.

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