TVB said in a press release that Shaw, its chairman emeritus, passed away peacefully at home in the presence of his family at 6.55 a.m., Xinhua reported.
Born in 1907 in Ningbo in the 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 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 about charity and donated more than HK$10 billion (about $1.29 billion), with a large sum going for the support of education in China's mainland.
Shaw also set up the 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.
--IANS (Posted on 07-01-2014)