NBC will honor the life of the late Diana, Princess of Wales with Concert for Diana, a primetime special to air on her birthday, Sunday, July 1st, at 8 p.m. ET/PT. The concert is a celebration to their mother by Princes William and Harry to commemorate her life and achievements. Hosted by Matt Lauer, (Today) the special features performers that reflect both Diana's and Prince William and Prince Harry's favorite artists.

"We wanted to have this big concert...full of energy, full of the sort of fun and happiness which I know she would have wanted," said Prince William. "And on her birthday as well, it's got to be the best birthday present she ever had."

The concert marks what would have been Diana's 46th birthday and will take place at Wembley Stadium in London, England. The special will follow Dateline NBC's encore presentation of Matt Lauer's exclusive interview with Prince William and Prince Harry (7 p.m. ET/PT).

NBC News' Today will air a special split-show on Friday, June 29th prior to the concert, with Lauer broadcasting from London to commemorate the event being held in Princess Diana's honor.

The Concert for Diana special is produced by Live Nation.

Scheduled performances include Elton John, Duran Duran, Bryan Ferry, Joss Stone, Pharrell Williams, Lily Allen, Kanye West, Rod Stewart, Natasha Bedingfield, The Feeling, James Morrison, Orson, Status Quo, Take That, Nelly Furtado, P. Diddy, Tom Jones, Will Young, Roger Hodgson among others.

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