Remember the rumors about Paley Center for Media starting its own awards show to compete with the Emmys? Well, the awards have a launch date now: May 2012.

A committee headed by Steve Mosko, president of Sony Pictures TV, Tony Vinciquerra, CEO of Fox Networks Group, and Dick Lippin, chairman of Lippin Group have been planning the ceremony that will take place during the annual May upfront presentations.

The awards show was developed to address frustrations of current Emmy voters and to make award ceremonies more accessible to the general public.

According to Entertainment Weekly, the plan is to televise the ceremony beginning in 2012, but Variety reported the Paley Center may start giving awards out at a gala in 2011.

"We believe the awards committee has made significant progress in identifying the ways to achieve our objectives, and we will continue to carefully refine our plans to leverage those assets as we further define the nominations process, voting, judging and award categories in the months ahead," Pat Mitchell, president and CEO of Paley, said in a statement.