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James Franco and Anne Hathaway to Co-Host Oscars

James Franco, left, and Anne Hathaway will co-host the Academy Awards on Feb. 27, 2011. CBS/AP

LOS ANGELES (CBS/AP) James Franco and Anne Hathaway will be running the show at the next Academy Awards.

Oscar organizers said Monday that Franco and Hathaway will be co-hosts of the 83rd ceremony on Feb. 27.

PICTURES: Anne Hathaway
SPECIAL SECTION: Awards Season

The announcement creates the prospect that one or both hosts might also be nominees. Franco is considered a solid best-actor prospect for the survival drama "127 Hours," while Hathaway has a chance for a best-actress slot for the romance "Love and Other Drugs."

Hathaway also sang and danced during the opening of the Academy Awards two years ago, with then-host Hugh Jackman.

It's the second-straight year the Oscars have tapped a pair of actors as hosts. Steve Martin and Alec Baldwin teamed up as hosts last time.

PICTURES: The 2010 Oscars

The move also continues the show's departure from the traditional comedian as host, such as past masters of ceremonies Billy Crystal or David Letterman.

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