And the Oscar goes to . . . Steve Martin and Alec Baldwin

First it's announced that Ricky Gervais will host the Golden Globes, and now comes word that this year's Academy Awards ceremony will be co-hosted by Steve Martin and Alec Baldwin — which bodes well for an interesting season of awards shows.

Martin has hosted sol twice before, although this will be Baldwin's first time. The dynamic duo are both frequent SNL hosts, having hosted a combined 27 times (Martin 14 times, Baldwin 13), and, not coincidentally, are also co-starring in an upcoming movie, "It's Complicated."

"I am happy to co-host the Oscars with my enemy Alec Baldwin," said Martin via a statement.
"I don't play the banjo but I'm thrilled to be hosting the Oscars," said Baldwin. "It's the opportunity of a lifetime."

This isn't the first time the ceremony has used more than one host. Back in 1987, the Academy Awards was hosted by the trio of Chevy Chase, Goldie Hawn and Paul "Crocodile Dundee" Hogan.

The 2010 Academy Awards airs Sunday, March 7 on CTV and ABC.