LAST UPDATE | 3 hrs ago

THE CREATOR OF television news network CNN, Ted Turner, has died at the age of 87.

The network confirmed the news this afternoon.

Turner first entered the world of television in 1970 with the purchase of an Atlanta station. He expanded into nationwide with the Turner Broadcasting System.

From there, he founded Cable News Network in 1980, transforming the landscape for television news. It was the first 24-hour cable news network.

It shot to global recognition with its coverage of the Gulf War in 1990 and 1991.

He continued to expand his broadcasting empire, merging Turner Broadcasting with Time Warner in 1996. In 2001, America Online (AOL) completed its purchase of Time Warner for $165 billion.

However, the merger deal, which was the biggest in corporate history, ultimately cost Turner, who was the largest shareholder of Time Warner.

His net worth plummeted from $10 billion to $2 billion in the space of 30 months due to financial issues within AOL. He calculated that he lost nearly $10 million every day for 2.5 years.

Turner had four marriages – including a ten-year marriage to actress Jane Fonda – and six children.

He is seen to have revolutionised the act of philanthropy, being one of the first to donate huge sums of money while alive rather than bequeathing them in a will.