Steve Martin "Happy to Co-Host the Oscars with My Enemy, Alec Baldwin"

With Hugh Jackman not returning to host this year's Oscar broadcast, and Neil Patrick Harris apparently awarded-out after hosting both the Tonys and the Emmys, the Academy announced today that they're going with the pair of Steve Martin and Alec Baldwin to co-host the 82nd Academy Awards.

“I am happy to co-host the Oscars with my enemy, Alec Baldwin,” said actor/director/writer/comedian/banjo-player Steve after today's announcement.

Baldwin fires back, with a jab at Martin's folksy instrument of choice, “I don’t play the banjo, but I’m thrilled to be hosting the Oscars – it’s the opportunity of a lifetime.”

“We think the team of Steve and Alec are the perfect pair of hosts for the Oscars,” said producers Adam Shankman and Bill Mechanic in a statement to the press. “Steve will bring the experience of having hosted the show in the past and Alec will be a completely fresh personality for this event.”

This will be the Three Amigos star's third time as Oscar emcee; he even won an Emmy for his hosting gig at the 73rd Annual ceremony.

Meanwhile, 30 Rock's Baldwin is a newbie to the Oscar-hosting gig, though was nominated for an Academy Award in 2003 for his supporting role in The Cooler.

The 2009 Academy Awards will be presented on Sunday, March 7, 2010, at the Kodak Theatre, and televised live on ABC.