Viacom’s MTV Network of TV channels will start a new comedy awards franchise called The Comedy Awards.

The attempt is to make an annual awards show with the inaugural year taping at NYC’s Hammerstein Ballroom on March 26th and air on April 10th running simultaneously on Comedy Central, Spike TV, TV Land, VH1, and Nick At Nite.

Not surprisingly the ceremony will honor the best in comedy, be it TV, movies, or digital content, with awards going to performers, directors, and producers.

The nominees are going to be picked by The Comedy Awards’ board of directors whose founding members include comedy legends like, Billy Crystal, Will Ferrell, Whoopi Goldberg, Seth MacFarlane, Adam McKay, Ray Romano, and James Burrows (the creator of Cheers and the director of pretty much every successful sitcom from 1970 until now).

The majority of the awards will be decided through a peer vote of roughly 1,000 members of the comedy community, but fear not, their will be several awards that will be decided through fan vote.

This isn’t the first attempt at a comedy awards show. The American Comedy Awards has for 15 years (14 on ABC and the final year on Comedy Central) before going under in 2001. For anyone who likes getting a warm fuzzy feeling, MTV is also partnering with Entertainment Industry Foundation to launch The American Comedy Fund which will provide “financial assistance, health benefits and other resources for comedians.” Sweet deal.