Ferrell, 47, will play a mild-mannered radio executive looking to become the best stepfather to his wife's two children just as their freewheeling and freeloading real father (Wahlberg) arrives on the scene, said the Hollywood Reporter.
Red Granite Pictures will co-produce and co-finance the film, to be directed by Sean Anders.
Paramount Pictures will distribute worldwide after production on 'Daddy's Home' gets underway later this year. Brian Burns wrote the film's screenplay, with revisions by Anders, John Morris, Chris Henchy, Adam McKay and Etan Cohen.
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