Athough much buzz was drummed up for Anchorman 2: The Legend Continues (not to mention all the appearances Will Ferrell made as Ron Burgundy for promotional purposes), it was not enough to overshadow the draw of the sequel to last year's The Hobbit.

The latest installment of the Lord of the Rings series took in $31.5 million, securing its second consecutive week at number one. Anchorman 2 took in a respectable $26.7 million in its debut weekend while Frozen fell one spot to number three with $19.6 million. After having been added to more than 2,500 theaters this weekend, American Hustle jumped from #15 to #4 with $19.1 million. Saving Mr. Banks also received quite a bit of help with an increased theater count, taking in $9.3 million to round out the top five.

1. The Hobbit: The Desolation of Smaug, Warner Bros., $31,505,278 (avg. $8,021)
2. Anchorman 2: The Legend Continues, Paramount, $26,776,000 (avg. $7,635)
3. Frozen (2013), Disney, $19,642,107 (avg. $5,549)
4. American Hustle, Sony, $19,106,933 (avg. $7,621)
5. Saving Mr. Banks, Disney, $9,344,381 (avg. $4,429)
6. The Hunger Games: Catching Fire, Lionsgate, $8,764,479 (avg. $2,972)
7. Tyler Perry's A Madea Christmas, Lionsgate, $8,384,980 (avg. $3,822)
8. Walking with Dinosaurs, Fox, $7,091,938 (avg. $2,195)
9. Dhoom 3, Yash, $3,422,590 (avg. $14,320)
10. Thor: The Dark World, Disney, $1,341,763 (avg. $1,202)