Jon Stewart, Bill O'Reilly debate in Washington (VIDEO)

Comedy Central comedians and television hosts Jon Stewart (R) and Stephen Colbert (L) hold a mock debate during the 'Rally to Restore Sanity And/Or Fear' on the National Mall in Washington, DC, October 30, 2010. This time, however, Stewart will take on Bill O'Reilly in a 90 minute debate that will, presumably, provide more serious discussion than jokes.</p>

Comedy Central comedians and television hosts Jon Stewart (R) and Stephen Colbert (L) hold a mock debate during the 'Rally to Restore Sanity And/Or Fear' on the National Mall in Washington, DC, October 30, 2010. This time, however, Stewart will take on Bill O'Reilly in a 90 minute debate that will, presumably, provide more serious discussion than jokes.

Jon Stewart and Bill O'Reilly face-off in mock debate Saturday in Washington, DC.

The Associated Press reported the anchor of Comedy Central's "The Daily Show" will go head-to-head with the Fox News anchor at George Washington University in the sold-out "The Rumble in the Air-Conditioned Auditorium."

50 percent of the proceeds from the event, which will be live-streamed online for $4.95, will go to charity. The event airs at 8:00 pm Eastern time.

It's a comedic take on the recent presidential debates between President Barack Obama and Republican challenger Mitt Romney.

"When I'm done with O'Reilly, he'll convert to Judaism," Stewart joked in an interview with Good Morning America. The Daily Show host is Jewish.

Here's a preview of the event: