MTV will honor the year’s best in comedy with a new comedy awards franchise — aptly-titled The Comedy Awards.

Billed as the VMAs of The Funny Bone Circuit, on Monday, MTV Networks and network executive producer Don Mischer announced that they’ll be handing out prizes during the first annual Comedy Awards ceremony, set for March 26 at the Hammerstein Ballroom in Manhattan.

The list of nominees include only the most talented writers, directors, and actors in the genre, as selected by The Comedy Awards’ Board of Directors; whose founding members include Billy Crystal, Will Ferrell, Whoopi Goldberg, Family Guy creator Seth McFarlane, and former sitcom star Ray Romano!

The first annual Comedy Awards will air simultaneously on Comedy Central, Spike TV, TV Land, VH1, and Nickelodeon on April 10!

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