Lou Reed, whose best-known hits included Perfect Day and Walk On The Wild Side, was considered one of the most influential in rock music.
The Velvet Underground became known for their fusion of art and music and collaborating with Andy Warhol.
Lou Reed’s cause of death is unknown, but a statement would be released shortly.
An admitted hard drinker and drug user for many years, Lou Reed underwent a liver transplant in May this year after he had cancelled five California concert dates scheduled in April.
“I am a triumph of modern medicine,” Lou Reed posted on his website on June 1st.
“I look forward to being on stage performing, and writing more songs to connect with your hearts and spirits and the universe well into the future.”
The Velvet Underground never achieved much commercial success, but revolutionized rock and punk in the 1960s and ’70s and their popularity grew in the subsequent decades.
The band were inducted into the Rock and Roll Hall of Fame in 1996.
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