Daly, who was chairman of Film and Music Entertainment Inc, died on Friday morning [October 31] at Cedars-Sinai Medical Center in Los Angeles from cancer, said his daughter Jenny Daly.
Over a career that spanned four decades, Daly's companies worked with A-list directors including Oliver Stone, Bernardo Bertolucci and Robert Altman as well as actors Denzel Washington, Keanu Reeves and Julia Roberts.
'John was truly a giant in the industry who changed film-making for the better,' Lawrence Lotman, CFO and acting CEO of Film and Music Entertainment Inc, said in a statement.
Born in London, Daly partnered with British actor David Hemmings in 1967 to form Hemdale, a company that managed rock bands such as Yes and Black Sabbath.
Hemdale later became a leading UK film producer and distributor on titles like Tommy and made more than 100 films that grossed more than $1.5bn. Daly produced, co-wrote and directed The Aryan Couple in 2004.
He is survived by his three sons Michael, Julian and Timothy and daughter Jenny.