San Diego will have stay classy without Ron Burgundy.

Anchorman 2 has been declared “Dead On Arrival” after Paramount suits axed plans for a sequel to the 2004 cult comedy Anchorman: The Legend of Ron Burgundy.

Earlier this week, director Adam McKay revealed that a follow-up to the 2004 hit, which starred Will Ferrell as a dim-witted anchor, was in the works after he convinced stars Ferrell, Christina Applegate, Paul Rudd, and Steve Carell to reduce their fee to appear in the sequel.

Despite working out an acceptable budget, Paramount has refused to greenlit the movie.

“So bummed. Paramount basically passed on Anchorman 2. Even after we cut our budget down. We tried,” a disappointed McKay Tweeted on Thursday. “To all who asked: no we can’t do Anchorman 2 at another studio. Paramount owns it,” he later added.

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