He died on Sunday with his family by his side in Blackrock Hospice in Dublin.
In the 1970s, when the Dubliner was a young student at University College Dublin, he was one of the group of people who set up the Simon Community in Ireland.
He worked with some of the biggest household names in the country - his work with Mike Murphy on The Live Mike and Murphy's Australia were among the highlights. After two seasons of The Live Mike, they did the famous candid camera with Gay Byrne in Trinity College.
Masterson went on to set up MD Productions with Seamus Deasy and Mike Murphy.
He was a nature lover, and programmes such as his Waterways series with Dick Warner were particularly important to him.
Masterson retired as Executive Producer of The Late Late Show in May 2017.
Masterson is survived by his wife Hazel and his daughters Kerri and Tara.
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