Dr Prannoy Roy, the executive co-chairman of NDTV, was conferred the RedInk Award for lifetime achievement at a function here tonight.
The award, comprising a trophy and a citation, has been instituted by the Mumbai Press Club.
Speaking on the occasion, Roy said TV channels should go beyond the "tabloid news culture", and focus on well-researched quality journalism.
He also suggested that an effective law should be brought in to punish wrongful and defamatory reporting.
He, however, added that the judiciary should control this initiative and not the government.
Sreenivasan Jain of NDTV was presented 'Journalist of the Year' award. Arnab Goswami, editor-in-chief of Times Now, was honoured with 'Impact Editor of the Year' award.
News website Scroll.in was given 'the news start-up of the year' award.
The awards were presented by the Union Railway Minister Suresh Prabhu.
Awards were also presented in the categories crime, politics, courts, health, environment and science.
A panel discussion on 'limits of dissent' was held in which Prabhu, veteran journalist Shekhar Gupta, Jain and Krishna Prasad, editor-in-chief, Outlook, took part. The debate was moderated by Sachin Kalbag, editor of Mid-Day.