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Alec Baldwin and Steve Martin to Team Up for the Oscars

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Stefanie Keenan/Getty Images; Jeffrey Ufberg/WireImage

The Oscars just got a whole lot funnier! Oscar newbie Alec Baldwin will join veteran Steve Martin as co-host for the movies' biggest night.

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

Alec countered with: "I don't play the banjo but I'm thrilled to be hosting the Oscars – it's the opportunity of a lifetime."

This will be Martin's third go-round as the show's host and the 30 Rock star's first. "We think the team of Steve and Alec are the perfect pair of hosts for the Oscars," said show producers Adam Shankman and Bill Mechanic. "Steve will bring the experience of having hosted the show in the past and Alec will be a completely fresh personality for this event."

The 2010 Oscars will air on Sunday, March 7, from the Kodak Theater in Hollywood.

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