LOS ANGELES - Veteran funnyman Steve Martin and actor Alec Baldwin will be the co-hosts of next year's 82nd Academy Awards, producers of the movie industry extravaganza announced Tuesday.

Martin, who has hosted the show twice before, and Baldwin, nominated for an Oscar in 2003 for his performance in "The Cooler," will take over the hosting duties from Australian heart-throb Hugh Jackman.

"We think the team of Steve and Alec are the perfect pair of hosts for the Oscars," show producers Adam Shankman and Bill Mechanic said in a statement.

"Steve will bring the experience of having hosted the show in the past and Alec will be a completely fresh personality for this event."

Martin, 64, most recently seen playing Inspector Clouseau in a "Pink Panther" remake, said he was looking forward to teaming up with Baldwin.

"I am happy to co-host the Oscars with my enemy Alec Baldwin," Martin said.

Baldwin, 51, meanwhile referenced Martin's musical talents - he is currently touring with bluegrass band Steep Canyon Rangers - while describing his appointment as "the opportunity of a lifetime."

"I don't play the banjo, but I'm thrilled to be hosting the Oscars," Baldwin said in the statement.

Baldwin and Martin follow in the footsteps of "Wolverine" star Jackman, who hosted a revamped Oscars show earlier this year that met with positive reviews.

Next year's Academy Awards will take place on Sunday March 7 at the Kodak Theater in Hollywood.