Sad news from the world of rock as Rolling Stone magazine is reporting that Velvet Underground founder Lou Reed has passed away today. (October 27). He was 71.

No cause of death has been released. Reed underwent a liver transplant in May.

As a member of the Velvet Underground in the 1960's, the band was a commercial failure, but gained a cult following and are widely heralded as one of the influential bands of that era.

Reed's 40 year solo career was highlighted by the single 'Walk on the Wild Side', though he never matched the commercial success of that early single.

In 2011, Reed made music headlines by recording a full length, critically panned album called 'Lulu' with Metallica.

Reed wrote on his website following his liver transplant earlier this year that he was 'bigger and stronger than ever.'

Reed was inducted into the Rock and Roll Hall of Fame as a member of the Velvet Underground in 1996. Four of their albums made Rolling Stone magazines list of the 500 most influential albums in history.