The original track, created by Michael Jackson in 1985, sold over 20 million copies and raised $63 million dollars for hunger relief in Africa.
Jackson's mother Katherine has okayed the use of Michael's original performance, which will be included in the single, will be meshed with sister Janet Jackson's vocals.
"Extra's" Lauren Sanchez asked the music moguls what it was like remaking the monster hit. "Organized chaos," says Richie. "Everything was challenging," added Jones.
One-hundred superstars turned up for the remake, but some weren't as into the idea when approached.
"Some people came to us and said... 'You know, Lionel I would do it... It's just not my style. It's not a hit record,'" said Richie.
When asked about charges Dr. Conrad Murray currently faces in the death of Jackson, Richie replied, "I wish it would go away. If it would bring back Michael, I would be sitting here passionately telling you what I think. Whether it's a homicide or whatever... I don't have Mike."
The video for "We Are the World" debuts Friday, February 12 on NBC as part of the network's coverage of the Opening Ceremony of the Winter Olympics.