Smith's son, Alex, told The Associated Press that his father celebrated his 93rd birthday Saturday and died in his sleep Wednesday.
Smith grew up in Brooklyn and graduated from New York University. He served in the Army during World War II.
He later formed Kaye-Smith Enterprises with entertainer Danny Kaye. The company ran radio stations across the country, as well as other ventures.
Smith was part of the original Seattle Mariners ownership group with Kaye and several others.
Alex Smith told The Seattle Times that his father often recalled three very happy days: opening day in 1977, the All-Star game of 1979, and selling the team in 1981.