The billionaire publishing magnate and renowned philanthropist inherited his father's company, Triangle Publications, in 1942. At the time it owned The Philadelphia Inquirer and two racing publications. Four years later, Annenberg founded Seventeen magazine. His sister, Enid Haupt, edited the now iconic teen title from 1954 to 1962.

Annenberg's wisest publishing move came in 1953 though, when he established TV Guide. That title now has a circulation of more than 14 million.

In 1970, Annenberg sold the Inquirer and the Philadelphia Daily News to Knight Ridder, and a year later made millions more selling his six radio and six television stations. In 1988, he unloaded the remaining Triangle properties, including TV Guide, to fellow publishing magnate Rupert Murdoch, for $3 billion.

On Forbes' most recently issued Rich List, Annenberg's $4 billion fortune snagged him 42nd place.

This savvy executive is perhaps better known for his philanthropic bent than for his publishing prowess, though. He is said to have given away more than $2 billion in his lifetime. In 1991, he handed over $1 billion in Impressionist and Post-Impressionist masterpieces to New York's Metropolitan Museum of Art. Two years later, he donated $500 million in grants to public school reform. Annenberg has also made significant contributions to the United Negro College Fund, and the Universities of Pennsylvania and Southern California are both home to communications schools that bear his name.

"Walter Annenberg's love for journalism, art and his country was only outdone by his love for giving freely to others," said Pennsylvania governor Mark Schweiker in a statement Tuesday. "He has touched the lives of countless people all across Pennsylvania, our nation and the world."

Annenberg also served as ambassador to England, appointed by Nixon in 1969. He and his wife Leonore spent more than five years in London.

"As ambassador to Great Britain, he was an outstanding representative of America to the world," President Bush said. "As a business leader and an innovator, he understood the media's impact on American culture and encouraged television to be a positive influence on society." President Reagan awarded Annenberg the Medal of Freedom in 1986.

Annenberg is survived by his wife and daughter, two sisters, seven grandchildren and six great-grandchildren. His son Roger died in 1962.