Dave Karger
November 06, 2009 AT 05:00 AM EST

On Nov. 3, the Academy announced that Meryl Streep’s It’s Complicated costars will cohost the Oscars. It’s a case of something old, something new, with Steve Martin a two-time vet (from 2001 and 2003) and Alec Baldwin a newbie. Which isn’t to say Baldwin is totally green — he’s hosted Saturday Night Live 14 times (Martin holds the record at 15). They’ll have plenty to riff on: Streep is a sure-thing Best Actress nominee for Julie & Julia, while Baldwin himself is a possible Supporting Actor contender. ”When I asked Steve, he was like, ‘Really? Again?”’ says telecast producer Adam Shankman, who directed Martin in Bringing Down the House and Cheaper by the Dozen 2.

Shankman and fellow producer Bill Mechanic first considered Martin and Tina Fey, who presented together last year, but turned to Baldwin when Fey’s 30 Rock schedule ruled her out. (The combo of Tropic Thunder costars Ben Stiller and Robert Downey Jr. was also ”thrown around,” Shankman says.) The March 7 ceremony will be the first to feature multiple hosts since Chevy Chase, Goldie Hawn, and Paul Hogan did the honors in 1987. ”We’re giving the old girl a nice face-lift,” says Shankman, ”creating a great night of entertainment.” — with additional reporting by Nicole Sperling

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