The Emmys will soon have some competition.

The Paley Center for Media is launching a television awards show in May 2012, CEO Pat Mitchell announced Wednesday.

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The show will be broadcast from New York City to coincide with upfront presentations, when the networks traditionally unveil their fall lineups to advertisers.

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Steve Mosko, president of Sony Pictures Television and a member of the awards show planning committee, said, "We have already received considerable interest from television networks and advertisers."