The Antoinette Perry Award for Excellence in Theatre, more commonly known informally as the Tony Award, recognizes achievement in live Broadway theatre. The awards are presented by the American Theatre Wing and The Broadway League at an annual ceremony in New York City. The awards are given for Broadway productions and performances, and an award is given for regional theatre. Several discretionary non-competitive awards are also given, including a Special Tony Award, the Tony Honors for Excellence in Theatre, and the Isabelle Stevenson Award. The awards are named after Antoinette Perry, co-founder of the American Theatre Wing.
For the specific Tony Awards presented to a Broadway production, awards are given to the author and up to two of the producers free of charge. All other members of the above-the-title producing team are eligible to purchase the physical award. Sums collected are designed to help defray the cost of the Tony Awards ceremony itself. An award cost $400 as of at least 2000, $750 as of at least 2009, and, as of 2013, had been $2,500 "for several years", according to Tony Award Productions.