We reported a few days ago that director Adam McKay had proposed a smaller budget to Paramount for Anchorman 2, but it looks like that did not go through. He tweeted today:

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

It’s a shame and mindblowing that a cult classic hit like this can’t get the greenlight. This what McKay said early this week to MTV:

“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 and Paul 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, it’s just a budgetary thing with Paramount in terms of how much they’ll give us to make it.”

For now The Other Guys will have to hold us over this August.

Are you upset Paramount passed on Anchorman 2?