The honor will be presented during the Hollywood Reporter's Women in Entertainment breakfast, which is presented by Lifetime Networks. According to the Hollywood Reporter, the honor "annually recognizes a woman who is a pioneer and leader in her respective industry." Fonda is in good company; previous recipients include Helen Mirren, Meryl Streep, Halle Berry, Jodie Foster, Glenn Close and Barbara Walters.

"Jane Fonda is an icon, someone whose passion, candor and honesty through her career has made her not only fascinating, but a true role model for so many of us," Hollywood Reporter Janice Min said in a statement. "I am thrilled Sherry Lansing and The Hollywood Reporter are honoring such a legend."

Fonda last appeared on Broadway in Moisés Kaufman's 33 Variations and earned a 2009 Tony Award nomination for her performance. Her numerous screen roles include "Klute," "Coming Home," "The Dollmaker," "The China Syndrome," "On Golden Pond." She made her Tony-nominated Broadway debut in the 1960 play There Was a Little Girl.