After weeks of speculation, Steve Martin and Alec Baldwin have been announced as co-hosts of the 82nd Academy Awards.
 
The unveiling came on Tuesday (Nov. 3) afternoon courtesy of Oscar telecast producers Bill Mechanic and Adam Shankman.
 
"We think the team of Steve and Alec are the perfect pair of hosts for the Oscars," state Shankman and Mechanic in the Academy press release. "Steve will bring the experience of having hosted the show in the past and Alec will be a completely fresh personality for this event."
 
As the producers say, Martin brings his experience as a two-time Oscar host, working on the 73rd and 75th Academy Awards shows. Martin earned positive reviews for both stints and picked up an Emmy nomination in 2001 for the 73rd telecast.
 
"I am happy to co-host the Oscars with my enemy Alec Baldwin," cracks Martin.
 
On thing Baldwin has that Martin can't claim is an Oscar nomination of his own, for "The Cooler" in 2004. Baldwin has also won consecutive Emmys for his work on "30 Rock."
 
"I don't play the banjo but I'm thrilled to be hosting the Oscars -- it's the opportunity of a lifetime," Baldwin jokes.
 
Somewhere Lorne Michaels is smiling, as Baldwin and Martin are two of the most frequent and beloved hosts of NBC's "Saturday Night Live." In addition, Martin and Baldwin will play romantic rivals for Oscar favorite Meryl Streep in the winter film "It's Complicated." And if that's not enough previous collaboration, Martin guest starred on "30 Rock" last season, earning an Emmy nod.
 
The 82nd Academy Awards will air live on ABC on Sunday, March 7, 2010 from the Kodak Theatre in Hollywood.