Run Run Shaw, the 104-year-old co-founder of Television Broadcasts Ltd., or TVB, will retire as Chairman after more than 40 years at Hong Kong's biggest television company.

Shaw will step down on Dec. 31. Executive Deputy Chairman Norman Leung will take over as the new chairman on Jan. 1.

Born in 1907, Shaw founded the Shaw Organisation with his brother Runme Shaw in Shanghai in 1926. Four years later, the firm became Shaw Studios, which grew to be Asia's largest studio by 1958.

Shaw launched TVB in November 1967. As the controlling shareholder, he attracted top talents to the station, ushering in what many call the golden age of TV entertainment in Hong Kong.

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