Watts Up? Naomi And Liev Expecting

Naomi Watts and her boyfriend, Liev Schreiber, are expecting. News of the Australian actress' pregnancy was released Sunday by fashion-design firm Escada, which created the yellow gown Watts wore to the Academy Awards.

The dress "set off her most precious new asset, the baby she is expecting with long-time boyfriend Liev Schreiber," the company's press release read.

Schreiber confirmed the news on "Late Night with Conan O'Brien" Monday, saying, "Yes, I'm going to be a dad."

Watts, 38, and Schreiber, 39, co-starred in last year's "The Painted Veil." He's currently in rehearsals for a Broadway production of "Talk Radio," slated to open March 11.