Carmen Electra hosting New Year's Eve special

Past 'Idol' contestants, Kris Allen musical guests

Carmen Electra will host "Billboard's New Year's Eve Live" special airing Dec. 31 from 11 pm to 12:30 am on Fox. "American Idol" season eight winner Kris Allen, "Idol" finalist Allison Iraheta, and Sean Kingston are set to perform at the event, which will broadcast live from Las Vegas and Times Square in New York.

The special will showcase some of the most memorable moments from the Billboard Music Awards, and will count down the top five of the year in music, movies and television.

"Billboard's New Year's Eve Live" special is executive-produced by Bob Bain, produced by Paul Flattery and directed by Michael Dempsey.