New York, New York - Ted Turner, the flamboyant entrepreneur who transformed television news with the creation of CNN in 1980, has died at the age of 87, the network said Wednesday.

The mustached southerner, yachting enthusiast, and philanthropist, whose empire also included sports clubs, had been suffering from the degenerative disease Lewy Body Dementia.

Cable News Network upended established broadcasting with its dedication to around-the-clock breaking news and shot to global recognition with its coverage of the Gulf War in 1990-91.

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The 24-hour network was the first in the US to run non-stop news and quickly built a worldwide footprint.

Correspondents brought live coverage from major events ranging from the collapse of the Soviet Union to the Chinese crackdown on the Tiananmen Square protests. CNN's decision to keep reporters in Baghdad amid US bombing on the Iraqi capital cemented the network's reputation as an indispensable source of breaking news.

"Ted is the giant on whose shoulders we stand, and we will all take a moment today to recognize him and his impact on our lives and the world," Mark Thompson, chairman and CEO of CNN Worldwide, said in a statement.

"He was and always will be the presiding spirit of CNN."

Born in Cincinnati, Ohio, in November 1938, Robert Edward "Ted" Turner III went to a military boarding school in Tennessee and then attended Brown University, but was expelled before graduating.

Turner took over a faltering family advertising business after his father, despondent over financial problems, committed suicide.

After buying a number of radio stations, Turner's purchase of a struggling Atlanta station in 1970 was his first move into television.

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Ten years later, that became the flagship of his nationwide Turner Broadcasting System, the profits from which he parlayed into the launch of CNN.

CNN's success inspired the creation of other 24-hour news channels, including Fox News by longtime Turner rival Rupert Murdoch, MSNBC and countless networks worldwide.

Turner's television empire expanded beyond CNN and included TBS and TNT channels for sports and entertainment, Turner Classic Movies, and Cartoon Network, among others.