By Derek Lawrence
March 13, 2017 at 02:00 PM EDT

Sorry movie stars, looks like you’ll have to start sharing the golden popcorn.

MTV has announced that beginning this year, the MTV Movie Awards is being reinvented as the MTV Movie and TV Awards. The inaugural edition of the new format will air live from L.A.’s Shrine Auditorium on May 7.

“We’re living in a golden age of content, and great storytelling and characters resonate regardless of whether you’re watching it in a theater or on TV,” said Chris McCarthy, president of MTV. “The new ‘MTV Movie & TV Awards’ will celebrate even more of the brightest, bravest, funniest and most shared films and TV shows resonating across youth culture.”

On the day of the show, MTV will launch the first “Movie & Television Festival,” which will include musical performances, special guests, and attendees scoring front row placement for the red carpet.

The host and nominees for the 2017 show will be revealed at a later date.