The iconic late-night show launched in 1975.

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NBC is planning a big party for Saturday Night Live's 40th anniversary.

The network will pay tribute to the legendary late-night comedy show on a Sunday — Feb. 15, 2015 — with a live, three-hour special that will feature past and present cast members, as well as special guests and musical performers from its long run. Participants will be announced in the coming months.

"Saturday Night Live is an institution unlike anything else in television history," NBC Entertainment chairman Robert Greenblatt said in a statement. "The many brilliant 'Not Ready for Primetime Players' over the years is a who's who of film and television comedy for the last two generations. The roster includes everyone from the iconic first cast in 1975 to household names ranging from Eddie Murphy, Billy Crystal, Dana Carvey, Mike Myers, Will Ferrell and Adam Sandler, to Kristen Wiig, Tina Fey, Amy Poehler, Jimmy Fallon and Seth Meyers — to name only a few."

Greenblatt, who noted executive producer Lorne Michaels' role in the show's success, said NBC will celebrate the anniversary throughout the show's 40th season.

SNL has won 40 Emmy Awards and received 171 nominations.

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