The story deals with the birth of 24-hour news channels and its impact on the San Diego news team.
Marsden will play a rival anchor and nemesis to Will Ferrell’s Ron Burgundy in the sequel.
Original Anchorman cast members Paul Rudd, Steve Carell Christina Applegate and David Koechner are set to come back. It was recently announced that comedy actress Kristen Wiig (Bridesmaids) will also be joining the cast. Terence Stamp was also reported to be wanted for a "Rupert Murdoch-type" role in the follow-up.
Adam McKay is back to direct and he and Ferrell penned the script for the film.
Judd Apatow will produce the picture.
Production is due to begin next month in Atlanta, with a December 20th 2013 release date being eyed.
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