Relatives said Grey died Sunday of cancer at his home in the Holmby Hills neighborhood of Los Angeles.
During his tenure at the movie studio, he executive produced The Assassination of Jesse James by the Coward Robert Ford in 2007 and oversaw movies including Paranormal Activity, Mission: Impossible - Ghost Protocol, Transformers: Revenge of the Fallen, and Star Trek. Among his clients at BGE were Jennifer Aniston and Brad Pitt, and together with them Grey helped co-found the Plan B production company.
Prior to his Paramount post, Grey co-founded the Brillstein-Grey Entertainment talent management agency with his longtime business partner, Bernie Brillstein.
Grey is survived by his wife, Cassandra Grey, their son, Jules, three children from a previous marriage, Sam, Max and Emily, his mother Barbara Schumsky, his brother, Michael Grey, and his sister Robin Grey.
"I was deeply saddened to learn of the passing of Brad Grey, a colleague and friend", said Motion Picture Association of America chairman Chris Dodd. "He will be missed by us all, and left his mark on our industry and in our hearts".
A small private funeral service will be held this week, followed by a memorial service scheduled in coming weeks.
Former Chairman and CEO of Paramount Pictures Brad Grey attends the premiere of "FENCES" in Manhattan, New York City, U.S., December 19, 2016.
Born in the Bronx, Grey went on to get his start in entertainment promoting rock concerts as an assistant to Harvey Weinstein. Chu added: "Shocked &saddened by the loss of Brad Grey". And shrewd advice that I still use. Kind & classy and a helluva (sic) boss. "May his soul be at rest", DuVernay, who worked with Paramount to release her Academy Award-winning Martin Luther King, Jr. biopic Selma in 2014, wrote.