Named in honour of Guillermo Cano Isaza, an assassinated Colombian journalist, the Prize is intended to honour a person, organization or institution that has made an outstanding contribution to the defence and/or promotion of press freedom anywhere in the world, especially when this has been achieved in the face of danger.

It is intended to reward journalists who have shown dedication in the name of freedom of expression and information, and to afford them the international recognition they deserve. Awarded annually, the Prize is marked by a ceremony and the winner is presented with the sum of US$25,000.
Next year’s prize will be awarded on the occasion of World Press Freedom Day, on 3 May 2012.  

Source and More Information:

http://www.unesco.org/new/en/communication-and-information/resources/news-and-in-focus-articles/all-news/news/unesco_is_seeking_nominations_for_unescoguillermo_cano_world_press_freedom_prize_2012/back/18618/