The MTV Europe Music Awards will take place in London this year for the first time in more than 20 years.
London Mayor Sadiq Khan was joined by rapper Tinie Tempah, TV presenter Laura Whitmore and singer Ray BLK to make the announcement on Tuesday.
It comes more than 20 years since the city last hosted the event in 1996, when George Michael, Oasis and Alanis Morissette were among the winners.
Mr Khan said it was "about time" the event returned to the capital, which would "show the world" that "London is the capital of the universe".
Speaking at Viacom HQ as part of his London Is Open campaign, Mr Khan said the decision to bring the event to London this year showed that the UK has not become "insular" following the vote to leave the European Union.
"If we are honest there was a view after the Brexit vote that we're going to stop being outward-looking, we're going to stop being open-minded, we're going to stop being open for business," Mr Khan said.
"There was a concern we would be insular, we would be inward-looking and no longer the city that we're known for.
"The great thing about today's announcement is, not only does it confirm that London is open, not only does it confirm that London is the entertainment capital of the world, it shows we're open to talent, to creativity, and for entertainment."
Tempah called the news "exciting" and said London would "top" last year's ceremony in Rotterdam, which saw Green Day, Little Mix and Justin Bieber take to the stage.
Asked who should host the awards, Tempah joked it would either be himself or Prime Minister Theresa May, before adding he would like to see Adele perform at the ceremony.
The event, now in its 24th year, is one of the biggest music ceremonies in the world and has taken place throughout the United Kingdom including Edinburgh, Liverpool, Belfast and Glasgow.
It will take place in November at the SSE Arena in Wembley, having been held at the Alexandra Palace in 1996.