Toronto-born John Honderich began his newspaper career in 1973 as a copy boy for the Ottawa Citizen before moving to the Star in 1976 as a reporter.
He rose through the ranks to become publisher, before taking over as president of the paper's parent company, Torstar Corp.
Honderich's late father, Beland, was inducted into the Hall of Fame in 1986.
Vancouver-born Craig Oliver started with a CBC radio station in Prince Rupert, B.C., in 1957, moving in 1972 to CTV, where he ultimately became Ottawa bureau chief.
The pair will be inducted at a gala banquet in Toronto on Oct. 15.