Anchorman director/co-writer Adam McKay talked about a surprising new project while promoting the upcoming sequel. He wants to make a G or PG-rated family film following Ron Burgundy’s dog Baxter and his son Walter, who appears in the trailers for and is introduced in Anchorman 2, and he has a studio interested. Here’s what McKay said to Collider:
I want to know more about what [Baxter]’s doing when he’s not around them. I want to shoot a whole adventure. Maybe you guys can help with this, we actually talked about the idea of doing … the adventures of his son, Walter Burgundy, and Baxter.  And I actually pitched it to Adam Goodman at Paramount and he said, “That’s not a bad idea.†So there’s a chance we might be doing a Milo and Otis, G-rated, PG, Adventures of Walter and Baxter, which would be amazing.
McKay also shed light on a canceled project he calls Anchorman 2.5, although he may still be working on an alternate cut of Anchorman 2:
Will and I discussed the idea of doing Ron Burgundy 2.5 after this. We had a whole idea for a movie where, in the middle of this movie he was going to get stuck in an elevator, so you would see a scene where he leaves, and they said, “What did you do this weekend?†And he says, “Don’t ask me about it.†And then we were going to do a half-sequel of what happened to him that weekend when he got stuck in an elevator. And we really were going to write it and shoot it, when we realized that this one was such a bear. We were like, “We’re crazy.†It would take us two weeks to write that script, minimum.