Paxman began working for the BBC in 1977, where he started as a correspondent in Northern Ireland, followed by postings on the Six O'Clock News and Start The Week on Radio Four.
He has also been presenter of University Challenge and Newsnight.
In a press release, Geraldine Sharpe Newton, president of the Media Society, described Paxman as 'a true journalist's journalist' representing 'the very highest quality and standards which we [the Media Society] are committed to upholding'.
Previous recipients of the award include: Daily Mail editor Paul Dacre, Channel 4 news presenter Jon Snow and Sir David Frost.
