It's official. Steve Martin and Alec Baldwin will host the 82nd Annual Academy Awards on March 7, 2010. The duo will also appear together this December in It's Complicated, the new Nancy Meyers comedy.

“I am happy to co-host the Oscars with my enemy Alec Baldwin,” said Martin in an official statement.

“I don’t play the banjo but I’m thrilled to be hosting the Oscars – it’s the opportunity of a lifetime,” added Baldwin.

Martin is certainly no stranger to the show, since he hosted the 73rd and 75th ceremonies. Baldwin received an Oscar nomination for Best Supporting Actor in 2003 for his work in The Cooler.