Chisholm experienced a successful career in the Australian media industry, taking on the position of CEO at the Nine Network not once, but twice.
In 2004 he was inducted into Australian television’s Hall of Fame and awarded a Gold Logie.
"The so-called ‘starmaker’ at Nine with a big chequebook and loud opinions. Nicknamed a legend in his own lunchtime for his lavish lifestyle at work and play - and the man who popularised the phrase ‘losers have meetings, but winners have parties’," a Nine statement released following his death read.
"Nine recognises the unique role he played with the Network and for Australian television, and sends their condolences to the extended family and friends on his passing today, in particular his wife Sue and daughter Caroline."
Radio and TV presenter Ben Fordham took to Twitter so share his condolences and a memory of the TV legend.
"Many years ago, I was collecting donations for diabetes research when I ran into him at Channel 9. He offered me $10,000 but only if I agreed not to tell anyone about it..'Everyone thinks I'm a prick and I plan on keeping that reputation'".
Thoughts go out to Chisholm's family and friends during this difficult time.