is "literally five pages of story notes".
The sequel to the Will Ferrell starring movie - about hapless local news reporter Ron Burgundy - has been given the green light by Paramount studios.
Ferrell, who announced the surprising news on Conan O'Brien's late night talk show, and director Adam McKay now have to decide what shape the story will take.
McKay told Empire magazine: "The script? It's about two per cent. Or half a per cent? It's literally five pages of story notes and pieces and chunks of story. We're holing up and writing for the next three months."
The film has a huge legacy to live up to after the first movie was so well received, and the director concedes it is unlikely to be as popular, but that doesn't mean it won't be a great movie.
He added: "We almost have to walk into this knowing it'll never be as good as that fresh first time, and once you give that up, you can just worry about making a good movie.
"We're trying to get our minds set to the idea of, 'Let's just do the craziest stuff'. Whatever makes us laugh, we're doing. There's going to be a lot of improvisation in this.
Watch Will Ferrell announce the Anchorman sequel on Conan O'Brien's talk show:
- Bang! Showbiz