Hong Kong film mogul Run Run Shaw has died at age 107.

The Asian film pioneer died on Tuesday (07Jan14), according to a statement released by Television Broadcasts Limited (Tvb), which he co-founded.

The statement reads, “It is with deep sadness that Television Broadcasts Limited announces the passing of Sir Run Run Shaw.

“Although we knew this day will come, no words can adequately express our sorrow and lessen our sense of a profound loss. He will be sadly missed by all of us in Tvb.”

In 1926, he set up Shaw Studios with his brother Runme and by 1958, it had become Asia's largest film studio.

Business boomed in the 1960s and 1970s, heavily influencing filmmakers in both the Asian and Western film cultures. They produced more than 1,000 films including Ridley Scott's classic sci-fi film Blade Runner and numerous other martial arts movies.

Shaw's Tvb is Hong Kong's primary free-to-air broadcaster. He stepped down from his post in 2011 after 44 years with the company.

Shaw is survived by his wife, Mona Fong Yat-wah, and their five children.