Meryl Streep, Neil Diamond

Meryl Streep and Neil Diamond are among the recipients for the 34th Annual Kennedy Center Honors, the organization announced Wednesday.

Singer Barbara Cook, cellist Yo-Yo Ma and saxophonist and composer Sonny Rollins will also be honored.

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"This year, the Kennedy Center celebrates its 40th anniversary by selecting five extraordinary individuals whose collective artistry has contributed significantly to the cultural life of our nation and the world," Kennedy Center Chairman David M. Rubenstein said in a statement.

The five honorees will be feted at a gala held at the Kennedy Center Opera House in Washington, D.C. in early December, where they will sit with President Barack Obama and First Lady Michelle Obama. The night before, the honorees will be presented with medallions at a dinner hosted by Secretary of State, Hillary Clinton.

Last year's recipients included Paul McCartney and Oprah Winfrey.

The Kennedy Center Honors gala will be broadcast on Dec. 27 at 9/8c on CBS.