Actors Steve Martin and Alec Baldwin are to jointly host the Oscars awards ceremony, producers of the prestigious film prize have announced.

Martin 64, has hosted the event twice before, but Baldwin, 51, has never before helmed the Academy Awards.

The co-hosts will take over their duties from Hugh Jackman, who pulled out of the running for the high profile gig last week.

The choice of the Hollywood veterans marks the first time since 1987 that the Oscars will have multiple hosts. It comes at a time when the awards show is struggling to maintain its relevance amid continuing viewer apathy and a lack of popular films deemed worthy of the prize.

Martin is best known as a standup comedian, comic actor and recently author, and Baldwin has a diverse Hollywood resume, most recently reviving his career as a venal TV executive on the sit-com "30 Rock".

The duo recently worked together on the film "It's Complicated", which hits screens late this year. In the movie, Martin and Baldwin play rivals competing for the affections of a character played by Meryl Streep.