Will Ferrell announces "Anchorman" sequel dressed as Ron Burgundy

(CBS News) Will Ferrell made a surprise appearance on "Conan" last night as the beloved flute-playing anchorman Ron Burgundy, breaking the news that there will be a sequel to the cult comedy favorite "Anchorman."

Ferrell wore Burgundy's signature burgundy leisure suit and entered host Conan O'Brien's stage playing a flute solo. Ferrell, in character, told O'Brien, "I like to keep my chops up, jam with the cats here."

After Ferrell finished playing the flute and ripping on O'Brien, he told the audience why he was there.

"I want to announce this to everyone here in the Americas," he said. "To my friends, in Spain, Turkey, and the U.K., including England ... as of 0900 Mountain Time, Paramount Pictures and myself, Ronald Joseph Aaron Burgundy, have come to terms on a sequal for 'Anchorman.' It is official, there will be a sequel to 'Anchorman.'"

Ferrell and his co-writer and director Adam McKay are expected to team up again for the film's sequal, with production slated to being at the end of the is year, reports MTV.

Producer Judd Apatow, and co-stars Paul Rudd and Steve Carell are all expected to return.

Check out Ferrell's surprise appearance below.