if this is the same guy:
Annenberg remained supportive of conservative political causes throughout the years, and his efforts on behalf of Republicans were rewarded with his designation by President Richard Nixon as U. S. Ambassador to Great Britain in 1969. The appointment led Annenberg to sell his newspapers and television stations, but he retained TV Guide and remained active in managing the publication throughout his five-year tenure as Ambassador.
Shortly after the election of his close friend, Ronald Reagan, as President in 1980 (he would endorse Reagan's re-election campaign in 1984 in TV Guide, the only such political endorsement ever to appear in the magazine), Annenberg announced a plan to provide the Corporation for Public Broadcasting with $150 million in funds over a fifteen year period to produce educational television programs through which viewers could obtain college credits. Annenberg's sympathy for educational causes had already been evidenced by his financial support of the Annenberg Schools of Communication at both the University of Pennsylvania and at the University of Southern California. His activities in this regard would grow even more pronounced in the years to come, particularly after his sale of TV Guide and Triangle Publications to Rupert Murdoch's News Corporation in 1988 for approximately $3 billion--at the time, the largest price ever commanded for a publishing property.
Annenberg continued to make news after his sale of Triangle because of his many substantial donations to educational causes. In addition, Annenberg was also one of the country's foremost collectors of art, and in 1991, he bequeathed his extensive collection--valued at more than $1 billion--to New York's Metropolitan Museum of Art. His post-Triangle era charitable activities in the areas of education, art, and television served to further assure Annenberg's lasting legacy to a wide spectrum of American culture.
http://www.museum.tv/archives/etv/A/htmlA/annenbergwa/annenbergwa.htmfounded tv guide and seventeen magazine.