LOS ANGELES -- Steve Martin and Alec Baldwin will co-host the Oscars.

The Academy of Motion Picture Arts and Sciences says the two Hollywood veterans will share hosting duties at the 82nd Academy Awards ceremony.

Telecast producers Bill Mechanic and Adam Shankman said in a statement the two actors are "the perfect pair of hosts for the Oscars."

Martin has hosted twice before, in 2001 and 2003, and has appeared as a presenter several times. Baldwin is a first-timer.

Baldwin, 51, who stars on NBC's "30 Rock," called the Oscar gig "the opportunity of a lifetime." He was nominated for an Academy Award in 2003 for his supporting role in "The Cooler."

Martin said that he is "happy to co-host the Oscars with my enemy Alec Baldwin." The 64-year-old entertainer is currently touring with the bluegrass band Steep Canyon Rangers in support of his album, "The Crow: New Songs for the Five String Banjo."

The 82nd Academy Awards will be presented March 7, 2010, at the Kodak Theatre.