Ben Affleck’s film, “Argo,” is nominated for the Best Picture category at the 2013 Academy Awards. (Courtesy of AP)

Producers Craig Zadan and Neil Meron must have a bevy of favors owed to them from the hills of Sunset Boulevard as this year’s Academy Awards is a who’s who of the industry and features only the best, and top-billed, of film’s elite.

Seth MacFarlane, the creator of “Family Guy” and “American Dad,” is acting as masters of ceremonies for the show and is expected to bring his quick-witted, and sometimes sparring, comedy to the stage for the award’s 85th annual presentation.

“It’s truly an overwhelming privilege to be asked to host the Oscars,” MacFarlane said in a release from the Academy.

“My thoughts upon hearing the news were, one, I will do my utmost to live up to the high standards set forth by my predecessors; and two, I hope they don’t find out I hosted the Charlie Sheen Roast,” MacFarlane said.

While talented, MacFarlane won’t have to do much of the heavy lifting; Zadan and Meron managed to pull an impressive list of presenters and appearances that include the likes of Jennifer Aniston, Michael Douglas, Jamie Foxx, Melissa McCarthy and Jane Fonda.

Even the night’s nominees will get in on the presenting action as Ben Affleck (Best Picture – “Argo”), Jessica Chastain (Best Actress – “Zero Dark Thirty”) and Jennifer Lawrence (Best Actress -“Silver Linings Playbook”) are slated to make their way to the Oscar’s podium.

Last year’s big winners in the four main acting categories will present too.

While not much detail has been given as to what awards they will be presenting, one can speculate that the quartet of awarded actors will be handing down the trophies in their respective categories.

The quartet includes Meryl Streep (2012’s Best Actress – “The Iron Lady”) Octavia Spencer (2012’s Best Supporting Actress – “The Help) Jean Dujardin (2012’s Best Actor – “The Artist”) and Christopher Plummer (2012’s Best Supporting Actor – “The Beginners”).

“We are honored to have Meryl, Octavia, Christopher and Jean, last year’s Oscar winners in each of the acting categories, return to the Oscar stage,” Craig Zadan and Neil Meron said in a release.

Not to let 2012’s big winner’s have all the fun, past Best Actress winners Sandra Bullock (2009 – “The Blind Side”), Halle Berry (2001 – “Monster’s Ball), Nicole Kidman (2002 – “The Hours”) and Reese Witherspoon (2005 – “Walk the Line”) will be on hand for the presentation of the year’s Best Actress trophy.

This year’s race is hotly contested between Jessica Chastain and Jennifer Lawrence.

When the show isn’t busy doling out awards, Zadan and Meron must worry about the Oscars’ entertainment value
as well.

This year, the producer’s draw from multiple sources to fill the show’s three-hour run time.

With “Les Miserables” as one of the front runners for the night’s top trophy, Zadan and Meron plan to pay tribute to movie musicals of the past decade (namely, “Dreamgirls,” “Chicago” and “Les Miserables”) with rumored performances from Oscar winners Jennifer Hudson and Catherine Zeta-Jones.

A special tribute is being planned for Zeta-Jones’ “Chicago” as co-stars Richard Gere, Renee Zellweger and Queen Latifah will join her onstage for a reunion of sorts for 2002’s Best Picture winner.

Barbra Streisand will perform at the Oscars for the first time in 36 years.

Streisand last sang the love theme from “A Star Is Born” on the March 28, 1977 show, winning the Best Original Song Oscar for “Evergreen” that same night.

“In an evening that celebrates the artistry of movies and music,” said producers Zadan and Meron.

“How could the telecast be complete without Barbra Streisand? We are honored that she has agreed to do a very special performance on this year’s Oscars, her first time singing on the show in 36 years.”

After Skyfall’s dominant year at the box office as the first James Bond film to gross over $1 billion, the Academy Awards plan to celebrate the 50th anniversary of the legendary character.

Adele will be on hand to perform her Oscar-nominated single “Skyfall” and, for the first time ever, Dame Shirley Bassey will make an appearance at the show. Bassey’s career has spanned six-decades as she has recorded over 44 albums, sold over 135 million records and been the voice behind iconic Bond songs such as “Goldfinger,” “Diamonds Are Forever” and “Moonraker.”

Speaking of first, the Oscars have announced that the show will not end in its traditional format after the Best Picture is announced, rather Seth MacFarlane and Broadway star Kristen Chenoweth will send off the telecast in song.

Zadan and Meron call it a “can’t miss” moment.

While the jury’s still out if MacFarlane and Chenoweth’s untraditional send-off will work, one thing’s for sure, the 85th Annual Academy Awards will quite the spectacle.

Catch the show Sunday Feb. 24 at 7:30 p.m. on ABC.