Time to celebrate Black Hollywood in style. BET is collaborating with the American Black Film Festival to produce the 2016 ABFF Awards: A Celebration of Hollywood. 

The ABFF Awards shines a light exclusively on Black talent and culture, celebrating and recognizing individuals, movies, and television shows over the past year that had a major impact on America. This year's show, hosted by Mike Epps, will be taped on Sunday, February 21 at the Beverly Hilton in Los Angeles.

During the ceremony, some of Hollywood's standing legends will be honored: iconic actress Diahann Carroll will be presented with the Hollywood Legacy Award, and famed television producer Will Packer will receive the Distinguished ABFF Alumni Award.

Also set to be honored are Don Cheadle and Regina King (Excellence in the Arts Award — male and female); and Ryan Coogler (Rising Star Award).

Speaking on the significance of the show, Stephen Hill, President of Programming at BET Networks, shared a few words: "It's clear that there's a need for this show. BET is very excited to partner with Jeff [Friday] and ABFF to present A Celebration of Hollywood. We will unabashedly acknowledge performances and achievements of African-Americans on screen from this past year and give special honor and recognition to artists that have thrilled us during their highly acclaimed careers."

The ABFF Awards will premiere on BET and Centric on Tuesday, February 23 at 8 p.m. ET/PT.

Check out one of honoree Ryan Coogler's greatest career moments in the BET Break video, below:

BET.com is your #1 source for Black celebrity news, photos, exclusive videos and all the latest in the world of hip hop and R&B music.

(Photos from left: Pascal Le Segretain/Getty Images, Mark Davis/Getty Images, Frazer Harrison/Getty Images)