Psy and Jay-Z nominated for Time's Person of the Year

Time magazine editors will choose from 38 nominees when they announce the winner on Dec. 14.

South Korean pop sensation Psy, rap superstar Jay-Z and Russian punk rockers Pussy Riot have been shortlisted for Time magazine's 2012 Person of the Year.

Editors unveiled a list of 38 contenders for the honor this week. Fifty Shades of Grey author E.L. James, Olympic gymnast Gabby Douglas and comedians Stephen Colbert and Jon Stewart also made the cut. Other nominees are President Barack Obama and his former White House rival, Republican Mitt Romney, as well as dissident Chinese artist-activist Ai Weiwei and Pakistani teenager Malala Yousafzai, who was shot by Taliban extremists for calling for more education for girls.

Time editors will announce the winner on Dec. 14. 

The "Protester" was named last year's Person of the Year, following the widespread reach of the Occupy Wall Street campaign against big business.