Lou Reed is dead at the age of 71.
This being the Internet, naturally, other less reliable sources are causing confusion (see example above) by falsely asserting that the news of Reed's death is a hoax. The primary culprit appears to be Mediamass.net, which refers to itself as a "satire" website and caused similar confusion a few months back by dismissing news of James Gandolfini's death as a hoax. It wasn't.
To sum up:
1. Rock and roll legend Lou Reed really is dead.
2. Rolling Stone and the BBC are reliable sources.
3. Mediamass is the opposite of a reliable source.
4. The Internet sucks sometimes.