The Ascap Founders Award honours pioneering songwriters who have made "exceptional contributions to music, inspiring and influencing their fellow music creators". Past recipients include Ashford & Simpson, Burt Bacharach & Hal David, Alan & Marilyn Bergman, Jackson Browne, Elvis Costello, Billy Joel, Annie Lennox, Sir Paul MCCartney, Joni Mitchell, Smokey Robinson and Carly Simon.
Thrilled Tyler says, "To be recognised by Ascap with the Founders Award is a huge achievement. It is humbling for Joe and me (sic) to be honoured for our music alongside the likes of Stevie Wonder, Neil Young, Paul MCCartney and Joni Mitchell. It's been a life-long love affair and it's far from over."
And Joe Perry adds, "We join an incredible list of honourees and we are grateful to Ascap for their support throughout our career."
The invitation-only gala will take place on 17 April (13) at the Loews Hollywood Hotel in Los Angeles.
The event will also celebrate the songwriters and publishers of Ascap's most performed pop songs of 2012.