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NBC will devote its primetime schedule tonight to the live “Red Nose Day” fundraising telecast that the Peacock hopes will become a franchise for the network.

Seth Meyers, David Duchovny and Jane Krakowski will emcee the three-hour telecast originated from the Hammerstein Ballroom in Manhattan. The elaborate production promises to deliver live musical and comedy performances, taped segments produced by Funny or Die and short films. The goal is to raise money for a range of orgs dedicated to helping children in poverty.

Talent set to appear include Julia Roberts, Will Ferrell, Reese Witherspoon, Neil Patrick Harris, Jodie Foster, Julianne Moore, Coldplay and a host of others.

See More: NBC Sets 3-Hour ‘Red Nose Day’ Live Telethon for May 21

A similar Red Nose Day telecast has become a tradition for the BBC for the past 30 years. Part of the fundraising will come from sales of clown-style plastic red noses offered by Walgreens.

The Gates Foundation has signed on as a key social media partner with a pledge to donate $25 for every picture posted on Twitter or Instagram of a person wearing a red nose with the hashtag #RedNose25.

As part of the build-up to tonight’s telecast, NBC.com is carrying a live stream of a 24-hour “dance-a-thon” hosted by Nick Cannon at the NBC Experience Store in 30 Rock that began at 8 p.m. ET on Wednesday.