Steve Martin & Alec Baldwin to Host the Oscars

Steve Martin & Alec Baldwin to Host the Oscars
Steve Martin & Alec Baldwin
Chris Carlson/AP, Chris Pizzello/AP

11/03/2009 AT 07:00 PM EST

The search is over – and the Oscars are counting on two wild and crazy guys to host the 82nd Academy Awards.

Let the banter begin: "I am happy to co-host the Oscars with my enemy Alec Baldwin," says Steve Martin, who will share the stage with the 30 Rock actor.

"I don't play the banjo but I'm thrilled to be hosting the Oscars – it's the opportunity of a lifetime," says Baldwin.

Martin, 64, who hosted the 73rd and 75th Academy Awards, and Baldwin, 51, a 2003 supporting actor nominee for The Coolor, are both multiple hosts of Saturday Night Live. They will follow Hugh Jackman as emcees of the biggest Hollywood award show, which like other award programs has been stung by lower ratings.

"We think the team of Steve and Alec are the perfect pair of hosts for the Oscars," said show producers Adam Shankman and Bill Mechanic. "Steve will bring the experience of having hosted the show in the past and Alec will be a completely fresh personality for this event."

The 82nd Academy Awards will be broadcast Sunday, March 7, on ABC from the Kodak Theatre in Hollywood.

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