Eric Idle of Monty Python fame and John Lasseter, the chief creative officer of Pixar and Walt Disney Animation Studios, joined Newman in speaking at the ceremony.
The honor comes 16 days before the release of the latest film he wrote the score for, "Toy Story 3."
The 66-year-old received best original song Oscar nominations for each of the first two "Toy Story" films, a best original score nomination for the first "Toy Story" musical and a Grammy Award for best song written for a motion picture, television or other visual media for "Toy Story 2's" "When She Loved Me."
He is probably best known in Los Angeles for writing "I Love L.A." His other memorable songs include "Short People" and "Sail Away."
City News Service contributed to this report.
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