Five Viacom-owned networks -- MTV, MTV2, BET, VH1 and VH1 Classic -- will air the concert special Wednesday.
"This historic broadcast, going out simultaneously over the five most influential music networks, is a tribute to the music and artistry of one of the most singular talents of our time," Will Botwin, a Columbia Records executive, told E! Online.
The concert will feature songs from Prince's latest album, "Musicology," as well as some of his classics, including "Purple Rain" "Little Red Corvette" and "Raspberry Beret."
Each network will air the same musical lineup, but the broadcasts will feature different interviews with the singer.