Nov. 3 (Bloomberg) -- Steve Martin and Alec Baldwin will co-host the 2010 Oscar awards, the first time since 1987 that the show has had more than one emcee.

The 82nd Academy Awards ceremony is scheduled for March 7 in Los Angeles and will air on Walt Disney Co.’s ABC network, the Academy of Motion Picture Arts & Sciences said today in an e-mailed statement.

The choice teams Oscar veteran Martin with newcomer Baldwin. Martin, 64, hosted the show in 2000 and 2002. Baldwin, 51, was a best supporting actor nominee for the drama “The Cooler” and has been a presenter on previous telecasts. Hugh Jackman was last year’s front man.

ABC’s telecast of the 81st Academy Awards last February attracted an average audience of 36.3 million viewers, an increase of 13 percent over the previous year as director Danny Boyle’s low-budget drama “Slumdog Millionaire” won the best- picture Oscar. Ten nominees will vie for that award in next year’s show.

Baldwin stars as Jack Donaghy in the NBC comedy “30 Rock” and has won two Emmy awards for the role. Martin is touring with the bluegrass band Steep Canyon Rangers in support of his latest album “The Crow: New Songs for the Five String Banjo,” the academy said in the statement.

Disney, based in Burbank, California, rose 21 cents to $27.62 at 4 p.m. in New York Stock Exchange composite trading. The shares have gained 22 percent this year.

To contact the reporter on this story: Michael White in Los Angeles at mwhite8@bloomberg.net

Last Updated: November 3, 2009 19:27 EST