There are (at least) five different cuts of
Anchorman 2: The Legend Continues (2013), that Paramount have made available on Blu-ray around the world.
United States (North American BD):
[Show spoiler]This is a three disc set with two BD-50 discs and three cuts of the film:
--US PG-13 version (1:58:55)
--US Unrated version (2:03:05)
Both seamlessly branched on the first BD-50, along with 72 minutes of HD 1080p extras. There is English audio description, and optional American English, French and Spanish subtitles on the video extras. The audio commentary is on the Unrated version, and is in English, without subtitles.
--Super Sized version (2:23:14)
Occupying the second BD-50, along with 162 minutes of SD 480i extras, and 10 minutes of HD 1080p extras (trailers). This version of the film contains only English: DTS-HD MA 5.1 (48kHz, 24-bit) audio, and American English, American English SDH, French and Spanish subtitles.
International Editions
Outside the North American BD territory, Paramount appear to have released three different editions of the film.
English Territories (UK, possibly Australia and New Zealand also)
[Show spoiler]UK Cinema version (approx. 119 minutes)
On the first BD-50. The UK Cinema version is slightly different to both the US PG-13 version, and the US Unrated cut, and it may have been shown in Australia and New Zealand. According to users who have the UK set, the first disc, with the UK cinema version, contains only English options. According to the back cover, there is English audio description, and English and English SDH subtitles. On this release, the commentary is attached to the UK cinema version, and according to the back cover, there are English commentary subtitles. Presumably, the same 72 minutes of extras that occupy the first disc of the US release are also on this disc, surely also in HD 1080p.
Super-Sized version (2:23:14)
Users with the UK release in hand have reported that the second disc with this edition is identical to same disc in the US release, right down to the audio and subtitles options.
Non-English Territories
There is at least one international cut of the film, that runs 113 minutes, and this version has been released outside of English-speaking markets.
Most of Western Europe and Japan have received a 2xBD-50 set (click spoiler tag inside for links):
[Show spoiler]
International Cut (1:52:59)
Housed on the first BD-50, along with the same 72 minutes of extras in HD 1080p. The audio commentary remains, and includes English subtitles, as do the video extras, along with whatever dubbed audio and foreign language subtitle tracks are relevant. Here, the English subtitles are in British English.
Now, since this edition comes with only one cut of the film, there is a whole BD-50 devoted to the additional extras, which means that all of the extras that are in SD quality on the US (and I assume UK) editions--the extras on the second disc according to our review of the US set--are now in HD. The only extras in SD 480i are the auditions, which amount to 6:35 and are probably native SD.
All of the extras on the bonus disc have optional English (British English, non-SDH), Danish, Dutch, Finnish, French, German, Italian, Japanese, Norwegian, Portuguese, Spanish (Latin America and Spain) and Swedish subtitles.
To be clear, this means that over 160 minutes of extras are exclusively in 1080p on this edition.
Asia and most of Eastern Europe also received a 113-minute version, but their Blu-ray edition is one BD-50 with the film, and a limited selection of extras.