Steve Martin, Alec Baldwin Hosting the Oscars

Credit: Frederick Breedon/Getty Images for NARAS; Steve Granitz/WireImage

There are two hosts for the Oscars this year: Steve Martin and Alec Baldwin.

"I am happy to co-host the Oscars with my enemy Alec Baldwin," Martin, 64, says in a statement.

Adds Baldwin, 51, "I don't play the banjo, but I'm thrilled to be hosting the Oscars – it's the opportunity of a lifetime."

Martin previously hosted the 73rd and 75th Academy Awards. Baldwin was nominated for a 2003 supporting actor nominee for The Cooler.

Both have hosted Saturday Night Live.

"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 82nd Academy Awards air Sunday, March 7, on ABC.