The news was shared by his family on Wednesday.
He died only 12 days after his wife of 31 years, Linda, passed away, making it a double tragedy for the Nichols family.
Nichols was a publicist working at The Lippen Group in 1991 and worked tirelessly to stop the show from being cancelled and instead become syndicated globally.
The series went on to become a powerhouse money-maker, generating $70million and attracting a weekly audience of 1.1 billion in 142 countries at its peak.
Baywatch aired from 1989 until 2001 with 241 episodes in all. The beach drama starred David Hasselhoff, Pamela Anderson, Yasmine Bleeth and Nicole Eggert.
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