Hong Kong media mogul and philanthropist Run Run Shaw, aged 107, passed away at home on Tuesday morning, announced Television Broadcasts Limited of Hong Kong.

TVB said in a press release that Shaw, its chairman emeritus, passed away peacefully in the company of his family at 6:55 a.m. local time at home.

Born in 1907 in Ningbo, Zhejiang province of China, Shaw was Hong Kong's renowned film producer, entertainment industry tycoon and philanthropist. He established film studio Shaw Brothers in 1958 in the city and produced more than 1,000 Chinese language films.

Shaw was one of the founding directors of TVB in 1967 and executive chairman for 30 years. With his vision and energy, he had built the company to become Hong Kong's premier television station. He retired as chairman of the company at the age of 104.

Shaw was enthusiastic for charity and donated more than 10 billion HK dollars (about 1.29 billion), with a large sum going to the support of education in China's mainland. Shaw also set up Shaw Prize, known as the Nobel Prize of the East, in 2003 to commend outstanding scientists in the world.

TVB said the funeral will be private and a memorial service will be held with the details announced later.