iheartradioUPDATE, TUESDAY 7:30 AM: I hear Ryan Seacrest‘s American Idol schedule would not allow him to host the new awards show as hoped but he will be very much involved as a producer. The iHeartRadio Awards will be executive produced by Clear Channel Media and Entertainment and Ryan Seacrest Prods. The show will be produced by Done and Dusted Production and directed by Hamish Hamilton.

PREVIOUS, MONDAY 10 PM: A new music awards show is entering the fray. I hear NBC would announce as early as tomorrow morning the launch of iHeartRadio Awards with Ryan Seacrest as host. The inaugural ceremony will air on Thursday, May 1, just 17 days before the Billboard Awards on ABC. iHeartRadio Awards is done in partnership with Clear Channel, which owns the iHeartRadio radio network and its offshoot, the iHeartRadio Music Festival, also hosted by Seacrest. That two-night event started in 2011, when it was carried by VH1, with the CW airing the special in 2012 and 2013. It hasn’t been a big audience draw, with the most recent edition logging 1 million viewers and a 0.4 in adults 18-49, down 33% from 2012. Meanwhile, last year, the Billboard Music Awards surged to a 12-year high in total viewers (9.5 million) and a 10-year high in 18-49 (3.6). NBC has been aggressively expanding its awards show footprint anchored by the Golden Globes. It recently announced it would revive the American Comedy Awards, also for a May 2014 debut. NBC has been looking to enter the music awards space and several years ago actively pursued the Country Music Association Awards, which entertained multiple offers before re-signing with ABC.