The Anchorman and Anchorman 2 director announced to Empire on Thursday that the alternate version of Anchorman 2 is the last time fans will see the legendary news anchor.
"I think that's it," McKay said, "It was great to do it and it was so fun to work with those guys again, but I think that's it for Ron Burgundy."
McKay continued, "That's the last sequel we're gonna do. There's nothing more fun to me than new characters and a new world. And now we're releasing this alt version, we're totally satisfied. No Anchorman 3... I'm going to definitely say no."
His statement that the re-release will be his last sequel also seems to nix any plans for a Step Brothers 2.
Instead, McKay is currently working on a remake of 70s comedy Uptown Saturday Night, starring Will Smith. He will also adapt Michael Lewis' book The Big Short into a film about the 2008 financial crash.
Paramount Pictures will re-release a completely recut, R-rated version of Anchorman 2 in select theaters Friday. The revamped version will feature over 760 new jokes, and is composed almost entirely of new material.