The award was established in 1940 to recognize excellence in electronic media. It is administered by the University of Georgia's Grady College of Journalism and Mass Communication.
Entries are judged by a 16-member board, which includes television critics, industry practitioners, scholars and experts in culture and fine arts. There are no categories for entries and no nominations.
King has won two of the awards throughout his lengthy career on the radio and TV.
He won his first award in 1980 for his nightly syndicated radio program and a second in 1992 for election coverage on his CNN show.
The Associated Press contributed to this report.