Tonight the stars align to take home the coveted trophy. But what's an Emmy Award really worth?

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An Emmy statuette like the ones that will be handed out Sunday at L.A.'s Nokia Theatre.

Weighing in at almost 7 pounds and handcrafted from copper, nickel and gold, the Emmy statuette, bestowed annually for the television industry’s finest work, is one of the few awards TV executives pay attention to.

But not usually in the way you might think.

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First, a little history. The earliest Emmys were doled out in 1949. They were modeled on the wife of the statuette’s designer, a television engineer named Louis McManus, and at the time were known as the Immys — for the image orthicon tube, an integral part of early TV cameras. By the early 1950s, the Academy of Television Arts & Sciences had begun using the current, more feminine name.

“I love her almost as much as I love my wife,” an Emmy-winning producer says of the statuette. Like most others in the business, he would only talk about the awards anonymously, citing industry sensitivities.

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“An Emmy reflects wonderfully on your career and is a constant reminder that you’re one of the best in the business,” he says. But he notes that while a victory certainly adds value to the winner, it usually doesn’t promise a salary bump the way an Oscar can.

That’s because TV deals usually span several years. In the movie business, actors, producers and directors are more like mercenaries, constantly on the hunt for a new deal — and an Oscar unquestionably helps command higher paychecks.

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Hollywood’s gatekeepers regard an Emmy — or even a nomination — as a seal of approval more than anything else. It’s a reminder that they’re dealing with quality, much the way a consumer will trust a product brandishing a Good Housekeeping seal.

“It especially has an impact on a show when it’s in a precarious position,” a longtime TV mogul says. “It reminds broadcasters that they’re dealing with a quality product, and in many cases it’s helped to save shows.”

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But in many other cases, the Emmy comes too late, as it did for “Arrested Development.” That series won the award for best comedy in 2004 — a few weeks after Fox canceled it.

A high-ranking network source says an Emmy can also be used as leverage when setting the cost of commercial time.

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“It’s proved helpful in exacting some premiums out of advertisers,” the source says.

As for salaries, Emmy gold comes into play when actors renegotiate their contracts — and especially when they land new jobs.

“It’s about having more people covet you for the next time,” an Emmy-winning actor says.

And in a business based on popularity, that kind of recognition can be as good as gold.

dkaplan@nydailynews.com