The filmmaker dropped hints about the story to Salon, suggesting that Anchorman 2 could revolve around Ron Burgundy (Will Ferrell) and Veronica Corningstone (Christina Applegate) fighting for custody over their child.
"I don't want to give away too much, but I'll just give a couple pieces of ideas that we've kicked around," McKay said. "Keep in mind we're still writing the story, but I'll say one phrase for you: custody battle. I'll give you that. I'll give you one other one: bowling for dollars."
McKay also discussed how similar modern-day newscasts are to the fictional '70s Channel 4 news team, comprised of Brian Fantana (Paul Rudd), Brick Tamland (Steve Carell) and Champ Kind (David Koechner).
"Part of what inspired the movie was just how ridiculous the news had become. It was all ratings-driven," McKay explained. "The people were getting better and better looking. The weather women were getting outrageously beautiful. It was all about the voice and the hair."
Ferrell announced Anchorman 2 during an in-character appearance as Ron Burgundy on Conan last month (March).
Burgundy told a delighted crowd: "I want to announce this to everyone here in the Americas, to our friends in Spain, Turkey and the UK - including England - that as of 0900 Mountain Time, Paramount Pictures and myself, Ronald Joseph Aaron Burgundy, have come to terms on a sequel to Anchorman."
> Anchorman: 10 reasons why we love Will Ferrell's comedy classic
> Luke Wilson: 'I would love to do Anchorman 2'
Watch the Anchorman trailer below: