Oscars Select Martin, Baldwin as Hosts

Steve Martin and Alec Baldwin will host the 82nd Annual Academy Awards, Variety is reporting. Last year's host, Hugh Jackman, recently opted not to return.

This will be Martin's third time hosting the Oscars. He was last seen on the Kodak stage in 2003, which went on to become the lowest-rated Oscar telecast ever to that point (it was later "topped" by Jon Stewart in 2008). Baldwin has never hosted, although he did receive a Best Supporting Actor Oscar nomination for the 2003 film 'The Cooler.'

Baldwin and Martin can also be seen in the upcoming Nancy Meyers comedy, 'It's Complicated,' due in theaters this December.Steve Martin and Alec Baldwin will host the 82nd Annual Academy Awards, Variety is reporting. Last year's host, Hugh Jackman, recently opted not to return.

This will be Martin's third time hosting the Oscars. He was last seen on the Kodak stage in 2003, which went on to become the lowest-rated Oscar telecast ever to that point (it was later "topped" by Jon Stewart in 2008). Baldwin has never hosted, although he did receive a Best Supporting Actor Oscar nomination for the 2003 film 'The Cooler.'

Martin and Baldwin can next be seen in the upcoming Nancy Meyers comedy, 'It's Complicated,' due in theaters this December. They also rank one-two for the most times hosting NBC's 'Saturday Night Live,' with 15 and 14 episodes, respectively.

The 82nd Oscars, airing March 7 on ABC, will be produced by Adam Shankman ('Hairspray') and Pandemonium Films' Bill Mechanic.

No word on whether Neil Patrick Harris was considered for the gig.