(Above: President and Head of programming for TBS, TNT and TCM Michael Wright; honoree Jane Fonda; and President of Turner Broadcasting System, Inc. David Levy)

The American Film Institute honored actor, producer, activist and author Jane Fonda with its 42nd annual AFI Life Achievement Award at a star-studded black-tie gala at the Dolby Theatre in Los Angeles. The event (guests included Sandra Bullock, Cameron Diaz, Michael Douglas, Meryl Streep and many others) will air Saturday on TNT with an encore on TCM slated for August 1.

Watch Michael Douglas introduce the co-star of The Newsroom - and so much else - in the clip below.