This just in: Will Ferrell, in his first deal since announcing his departure from “Saturday Night Live,” will star in the comedy “Action Newsman” for Regency Enterprises.

Ferrell will portray Ron Burgundy, a 1970s anchorman with raging hormones, perfect hair and inflated ego in the vein of Austin Powers. He’s the most beloved teleprompter reader in Portland until he’s threatened by the arrival of an ambitious female newscaster who, unlike Burgundy, has mastered journalism.

Ferrell co-wrote “Action Newsman” with “SNL” writer Adam McKay, who will direct. David O. Russell, who directed and co-wrote “Three Kings,” will exec produce. Judd Apatow, who exec produced “Freaks and Geeks” and “Undeclared,” will produce, with Shauna Weinberg involved in a producing capacity.

Ferrell’s trademark roles on “SNL” included President Bush, “Jeopardy!” host Alex Trebek and a supercharged male cheerleader. He left the latenight laffer, which concluded its season last Saturday, after seven years in order to pursue movie roles.

Ferrell, repped by Gold/Miller and UTA, starred with “SNL” castmate Chris Kattan in “A Night at the Roxbury” and also appeared in “The Ladies Man” and “Drowning Mona.” He is set to topline New Line’s comic fantasy “Elf,” portraying a man raised as an elf.

Regency senior VP Peter Cramer will oversee production, with a tentative September start date. Fox-based Regency currently has “Daredevil” in production, with “Down With Love” and “Runaway Jury” expected to begin shooting later this year.