The Los Angeles Times said she was battling lung cancer.
She was heir to her father Walter Annenberg's publishing empire, which included TV Guide.
After he died in 2002, Wallis Annenberg took over as president and CEO of the Annenberg Foundation, which he founded in 1989 after selling TV Guide and assets to Rupert Murdoch.
She was also behind the $120 million donation that founded the Annenberg School for Communication and Journalism at USC back in 1993.
Eyewitness News reporter Rob McMillan was one of many who benefitted from that massive donation. He received his broadcast journalism degree after studying at USC shortly after the university received this generous gift.
But the generosity wouldn't end there. A $50 million donation allowed the construction of Wallis Annenberg Hall at USC more than a decade ago.
Her impact was also felt at K-12 schools in Los Angeles by way of a $53 million donation to the Los Angeles Metropolitan Project, which enhanced school reform.
Annenberg also made a mark at UCLA with a donation that led to the construction of a soccer stadium there. The dean of USC's Annenberg School for Communication and Journalism, Willow Bay, released the following statement, saying in part:
"Courageous, thoughtful and exceedingly generous, Wallis Annenberg was our champion, a lifelong advocate for the essential role communication and journalism play in advancing our society and sustaining our democracy... Her legacy carries on in the many lives she touched and communities she nurtured. We are heartbroken by her passing and we will do our best to continue to make her proud."
"This is a loss that resonates beyond words here in Los Angeles," said Mayor Karen Bass in a statement. "Wallis Annenberg's selfless leadership and visionary spirit transformed our city in profound and lasting ways. There are unhoused Angelenos sleeping inside because of her. There are young people throughout the city expanding their horizons and exposure to the arts and sciences in new and exciting ways because of her. There are institutions, museums as well as public spaces like beaches and parks that are enhanced and improved because of her.
"Put simply - Los Angeles is stronger because of her. Her legacy of generosity will live on forever through the many lives changed by her service. My thoughts are with the Annenberg family during this difficult time."
Gov. Gavin Newsom also released a statement, calling Wallis Annenberg a visionary.
"She worked on broader societal issues, including funding medical research, economic development, and environmental protection, but she deeply believed in supporting the American right to the pursuit of happiness," read the statement. "She was always determined to find new ways to help people achieve a better, more joyful quality of life, and above all else, to help people connect with each other."
City News Service, Inc. contributed to this report.