Writer/director Adam McKay talked about the possibility of a sequel to the popular Anchorman, but there are some obstacles they would have to overcome. He explains:

"It's a tricky movie because everyone went and did really well after it, so everyone's prices went up and everyone's time got a little more valuable. But at the same time, graciously, Steve [Carell] and Paul [Rudd] and everyone agreed to cut their price to come and do [the sequel], which you don't see very often in Hollywood — and cut their price substantially. But even with that,

Read More: More On Anchorman 2! | PerezHilton.comhttp://perezhilton.com/2010-04-27-more-on-anchorman-2#ixzz0mL9h9cy6

Scratch that. Project is dead:

It seems we'll have to rely solely on Dinner for Schmucks for Steve Carell-acting-retarded entertainment. Adam McKay's Twitter machine has delivered some sad news about the the once-100% sure-thing Anchorman 2:

So bummed. Paramount basically passed on Anchorman 2. Even after we cut our budget down. We tried.

http://www.iwatchstuff.com/2010/04/never_mind_about_anchorman_2.php

Deaded due to stars asking for too much money?

...

Ferrell starred as Ron Burgundy in the film, and has now spoken publicly for the first time of his frustration at the shelving of a sequel for the cult 2004 comedy, citing financial restrictions.

Speaking to Collider, he admitted that the actors' salaries were one of the reasons the film couldn't be made on a small budget.

"If you’re getting myself, Steve Carell, Paul Rudd and probably a bunch of other people who would line up to be in that movie, it's going to cost a certain amount," he said.

...

http://www.nme.com/movies/news/will-ferrell-admits-anchorman-stars-priced-themselves/181336

I love Anchorman. I really do, but the movie only made $85 mil.

I can totally see why they wouldn't want to make a sequel.

Steve Carrell's audition tape for the first Anchorman!

http://tv.gawker.com/5684721/watch-steve-carells-anchorman-audition-tape