American composer/musician Steve Reich and compatriot saxophonist Sonny Rollins will be the recipients of the 2007 Polar Music Prize, organizers revealed Thursday (Jan. 25).

The honors will be presented May 21 in Stockholm by His Majesty King Carl XVI Gustaf of Sweden at the Stockholm Concert Hall. A celebratory banquet at Grand Hôtel will follow. Each laureate will receive 1 million kronor ($140,000) during the gala, which will be aired on national television (TV4).

The prize ceremony will be the culmination of a series of music activities in the Swedish capital, planned under the banner Polar Music Prize Week.

The prestigious prize is awarded annually based on nominations submitted by the board of the Stig Anderson Music Award Foundation, consisting of representatives from his family, the Swedish Society of Popular Music Composers and the Swedish Performing Rights Society.

Previous winners include Led Zeppelin, Paul McCartney, Dizzy Gillespie, Quincy Jones, Elton John, Joni Mitchell, Bruce Springsteen, Ray Charles, Ravi Shankar, Stevie Wonder, Bob Dylan, Isaac Stern, Burt Bacharach, Robert Moog, Miriam Makeba and Keith Jarrett.

Recipients of this year's prize were announced Thursday (Jan. 25) to recognize the anniversary of ABBA's publisher, manager and co-lyricist Anderson's birthday; this year marks the 10-year anniversary of his death.