Writer/director Adam McKay posted to his twitter account that Paramount isn't going for an Anchorman sequel:
"So bummed. Paramount basically passed on Anchorman 2. Even after we cut our budget down. We tried."
There were rumors circulating (some confirmed) that the entire original cast would return for the sequel, even taking smaller paychecks to accommodate the smaller budget. McKay believed that Anchorman had the same potential that the Austin Powers films had. And he has a point. Anchorman movie quotes have become so popular, people use them in normal conversation without realizing it.