The traditional New Year Gala that TVE has been holding each New Year's Eve ever since the early 1960s consisted in the 1974-1975 edition of this special 4-hour long episode of "¡Señoras y Señores!" which ended around 4 a.m. from January 1st, 1975, and featured around 30 Spanish and international stars of music and comedy. It was the first time that the New Year Gala was produced in color.
Even though most of the episode was produced and broadcast in color, for the last hour the episode switched to black and white, as it consisted of archive footage from the best performances seen on the show in the year 1974, from both versions, by José María Quero and Valerio Lazarov. As most of that footage was originally produced in black and white, everything was seen in black and white (including some performances that were originally produced in color) until the end of the episode, including presentations by hosts Fiorella Faltoyano (in representation of Quero's team), Victoria Vera and Ángela Carrasco and the commercial break bumper which also included Sharine and María José Cantudo, which were shot in black and white.
For this special episode, Victoria Vera and Sharine, the original hosts from Valerio Lazarov's version, who had left the show the previous summer, returned just for a one-off, to be joined by then titular hosts Ángela Carrasco and María José Cantudo.