Columbia University Libraries announced Thursday, along with former ambassador to Ireland, Jean Kennedy Smith, the establishment of a theater award named after former Senator from Massachusetts, Ted Kennedy.

The Ivy League university also said 'The Edward M. Kennedy Prize for Drama' is inspired by American History.

The EMK Prize will be given annually through the Libraries to a new play or musical of merit, said the statement issued by the university.

According to the prize's mission statement, the play or musical must enlist 'theater's power to explore the past of the United States, to participate meaningfully in the great issues of our day through the public conversation, grounded in historical understanding, that is essential to the functioning of a democracy,' to qualify for the award.

Jean Kennedy Smith, sister of Edward Moore 'Ted' Kennedy and the last surviving child of Rose Fitzgerald and Joseph P. Kennedy Sr. is the person behind the establishment of the award, created in memory of her late brother.

"My brother loved the arts - museums, books, the performing arts. Music was perhaps dearest to him, but he and I shared an enjoyment of theater - especially, for Teddy, musical theater," said Smith who served as the U.S. Ambassador to Ireland from 1994 to 1998.

The first recipient of the EMK Prize will be announced on Senator Kennedy's birthday, February 22, 2013. Plays and musicals that have received their first professional productions in 2012 will be eligible for this year's prize.

The recipient will be determined by a panel of judges from a list of five works selected by a national network of nominators. The judges' panel will consist of three playwrights, two musical theater writers (book writer, lyricist or composer), two scholars of literature, American history or political science, and the President of Columbia University.

The EMK Prize consists of two parts:

The author of the winning work will receive a bursary award of $100,000. Additionally, The Columbia University Libraries' Center for New Media Teaching and Learning will create a website collaborating with the winner of the prize.

The resulting website will feature study and teaching guides, including extensive historical research and scholarly discussion and interpretation of the Prize-winning play or musical.

This website will be available to any theater artist and any teacher or class studying the work with intent of expanding understanding and research of the winning playwright's work and career.