HK media mogul Shaw dies at 107

HONG KONG, Jan. 7 -- Hong Kong media mogul and philanthropist Run Run Shaw passed away at the age of 107 on Tuesday morning, according to local media.

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.

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 and a world leader in the Chinese-language television industry.

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