Will Ferrell Will Ferrell

MTV Networks and Comedy Central have announced The Comedy Awards, an event honoring the industry's top writers, directors, actors and stand-up comedians.

"This historic, one-night-only celebration will honor [those] who provided the laugh track to our lives this past year: the pioneers who pushed boundaries; the TV shows that we rushed home for; the movies that are etched into our collective pop-culture memory; the stand-up comedians and the viral videos that make us laugh every day," the show's official website states.

Get ready for the 2011 awards season here

Nominees will be chosen by a board of directors that includes Will Ferrell, Billy Crystal, Whoopi Goldberg, and Seth MacFarlane, among others. Winners will be decided by a chosen group of professionals from the comedy community. Fans can also nominate and cast their votes for certain online-only categories.

Whether the telecast will have a host has not yet been decided.

The  Comedy Awards will take place in New York on March 26 and be simulcast on Comedy Central, Spike TV, TV Land, VH1 and Nick at Nite on Sunday, April 10.