Powell and Branson teamed with Simon Draper and Tom Newman to found Virgin Records as a mail-order record operation in 1972; after he left for the movie business, the company was sold to EMI in 1992 for $960 million.
Powell also served as chairman of the European Film Academy from 1996-2003 and then was vice chairman. NFTS director Jon Wardle said he spent "five incredibly happy years" working with Powell as his deputy at the film school. "He told me recently how his work to support and develop NFTS students to reach their full potential was probably the professional achievement he was most proud of," Wardle said in a statement. "The culmination of his work at the school was recognized in 2018 when together we collected the BAFTA for outstanding British contribution to cinema.
"Nik leaves an unrivalled legacy, and no one has done more than him to set the bar high. We will continue to strive for the future success of the school in his honor."
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