Kevin Lau, former editor of the investigative Ming Pao newspaper, was stabbed in broad daylight in February last year.
The attack came just weeks after he was removed from his position and replaced with an editor deemed to be pro-Beijing.
His sacking triggered staff protests and widespread fears that Beijing was tightening control over the press in the semi-autonomous territory.
Yip Kim-wah and Wong Chi-wah, both 39, were last week convicted of causing grievous bodily harm, with the jury taking less than four hours to reach a unanimous verdict.
Lau has called for the "mastermind" of the crime to be brought to justice.
Judge Esther Toh sentenced Wong and Yip to 19 years each, describing the attack as "senseless" and "brazen".
"They carried out this cold-blooded attack for financial gain," she said, adding that neither defendant had shown any remorse.
"Life will never be the same for him (Lau) because he will forever carry the scars of the attack, both psychologically and physically," she added.
Toh said that while there was no evidence Lau was attacked because he was a journalist, "members of the press should be equally protected as are any of our citizens".
The pair had pleaded not guilty and accused police of beating them into making confessions.
Prosecutors said Yip had told police he had driven Wong to a street where Lau usually ate after being offered the money, and that there was CCTV footage of the two near Lau's home ahead of the attack.
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