The special was produced by the Children's Television Workshop in association with Norddeutscher Rundfunk, Israel Educational Television, NHK, Televisa S.A. de C.V., Norsk Rikskringkasting and Radiotelevisão Portuguesa, the respective broadcasters of the respective international co-productions featured in the special.
Throughout the special, segments featuring Sesame characters from different co-productions around the world, beginning with Mexico, represented by Rosita and Elmo's Cousin Pepe, who show how to celebrate using piñatas.
Prairie Dawn informs the viewers that the countdown continues on Sesame Street, while Elmo shows off how Japan celebrates the New Year, represented by his cousin Elmo-nosque, who shows how everyone makes cards for each other, helps to make rice cakes, and, during New Year's Day, plays home-made badminton.
Elmo showcases how Germany celebrates, represented by Tiffy, Samson and Finchen from Sesamstrasse.
In-between, Grover gets injured from coming back on skis and decides to take a break at the hot tub.
Gina finds Telly inside Finders Keepers, and tells him that nothing bad is going to happen and that the New Year is quite fun.
Everyone reaches to Around the Corner, with Prairie Dawn reporting, the adults returning from their party, Snuffy waking up, and Elmo and his crew coming outside as everybody does the countdown and Wolfgang removes the ball in slow motion.
Additional Muppets performed by Jim Kroupa, Peter Linz, Rick Lyon, Stephanie D'Abruzzo, Noel MacNeal and Alison Mork.
Sony Wonder released the special on DVD in 2004, and was reissued by Genius Entertainment and Warner Home Video in 2008 and 2010, respectively.
The 2017 Amazon Video digital download release, reinstated the special's original title of Sesame Street Stays Up Late.