The event will have a global stream on Xbox.com, Xbox Live and Spike TV (US and Canada). No word yet if the Xbox 360 Pizza Hut app will also stream the event.
"On that day, we'll share our vision for Xbox, and give you a real taste of the future. Then, 19 days later at the Electronic Entertainment Expo (E3) in Los Angeles, we'll continue the conversation and showcase our full lineup of blockbuster games," said Xbox's community guru Larry "Major Nelson" Hryb.
The event is titled "A New Generation Revealed" and will occur at Microsoft's Redmond, Washington, campus on Tuesday, May 21 at 1PM Eastern (10AM Pacific, 6PM UK).