(NEW YORK) -- The news leaked a couple of days ago, but now it's official. Rolling Stone magazine reports that the Rock and Roll Hall of Fame Class of 2011 will include Neil Diamond, Tom Waits, Alice Cooper, Darlene Love and Dr. John.
In addition, Leon Russell will be given the Award for Musical Excellence, which was formerly known as the "sideman" category. The ceremony will be held March 14 at New York City's Waldorf Astoria Hotel and broadcast live on Fuse.
Though artists are eligible for induction into the Hall of Fame 25 years after they release their first single or album, all of this year's inductees have been eligible for years. They all started their careers in the 60s, except for Waits, who put out his first album in 1973.
Alice Cooper told Rolling Stone that when he received the news, he called his former bandmates in the original Alice Cooper band and told then, "Well, it only took 45 years!"
Copyright 2010 ABC News Radio