Electric Factory Sold, New Owners Search for New Name for Iconic Philly Venue - NBC 10 Philadelphia

Electric Factory Sold, New Owners Search for New Name for Iconic Philly Venue

The Electric Factory name is going away after decades on the Philadelphia concert scene.

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    NEWSLETTERS

    Electric Factory Sold, New Owners Search for New Name for Iconic Philly Venue
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    What to Know

    • Iconic Philadelphia concert venue, the Electric Factory, has been sold to the Bowery Presents.

    • The Electric Factory name is going away and the public is being asked to come up with a new name.

    A New York-based concert promotion and venue management company has acquired the popular Electric Factory — and it's calling on the public to think of a new name for it.

    The Bowery Presents (which has merged with AEG Presents), which owns Philadelphia venue Union Transfer, among others, acquired the Electric Factory for an undisclosed sum, officials announced Wednesday.

    Electric Factory will join other U.S. venues in the New York company's portfolio, including Port City Music Hall in Maine; the Keswick Theatre in Glenside, Montgomery County; and Music Hall of Williamsburg in Brooklyn.

    The Bowery Presents temporarily named the Electric Factory "North Seventh," because Live Nation did not release its name for use, Bowery officials said.

    In search of a permanent name, the New York company started a public naming contest, and it will accept submissions through Sept. 30.

    Find out more about the sale of the Electric Factory at the Philadelphia Business Journal.

    For more business news, check out pbj.com.


    Here is the full statement about the sale from Larry Magid Entertainment Group, the previous owner of the Electric Factory:

    Philadelphia has a rich musical heritage and Electric Factory has played a large part in shaping and showcasing the major musical acts of the last 50 years. Earlier today, it was announced the music venue was sold to concert promoter AEG.

    “What a ride it’s been,” exclaimed Larry Magid, pioneering head of Electric Factory and Electric Factory Concerts in response to the announcement he and his partner, Adam Spivak, have sold their iconic club to entertainment giant AEG.

    “We would like to thank the hundreds of thousands of fans who have attended the over 2500 shows at Electric Factory from its original location at 22nd and Arch from 1968-1970 to its rebirth in 1995 at 7th and Willow. A special thanks to all the employees, old and new, that have worked at the Factory over the years and to the great acts who have graced our stage, it’s been our privilege to work with you.”

    Electric Factory played host to great artists both starting out and those looking to reboot their careers including Jimi Hendrix, Janis Joplin, Frank Zappa, Van Morrison, Cream, Rod Stewart, BB King, The Grateful Dead, Neil Young, Bruce Springsteen, Prince, Bob Dylan, Adele, Radiohead, Lady Gaga, David Bowie, Amy Winehouse, and many others too long to list.

    “Lots of care and love went into the Factory. We always tried to keep ticket prices fair and reasonably priced while bringing in the best talent the music industry had to offer.”

    The iconic name Electric Factory with the Ben Franklin face as its logo will be retired and a new name will be announced soon.

    “This is not a retirement call,” says Larry, “but a continuation of the past 8 years as Larry Magid Entertainment Group producing national and worldwide tours and Broadway shows in addition to our concert business.”

    Larry has produced Live Aid and Live 8, Billy Crystal’s record-breaking 700 Sundays and Beautiful – The Carole King Musical along with dozens of tours for Richard Pryor, Bette Midler, Robin Williams, Billy Crystal, Stevie Wonder, Yes, Earth Wind & Fire, The Allman Brothers Band among others.

    Adam Spivak continues his various ventures in the music business as partner in the music venue Underground Arts and partner in Bonfire Entertainment that has on-going relationships with Parx Casino, Mount Airy Casino, Ardmore Music Hall and Milkboy and others. Additionally, Adam continues steadily growing his real estate portfolio in Philadelphia, South Jersey and Del Ray Beach Florida with his partnership in Shovel Ready Projects, LLC.

    “In the spirit of new beginnings, Adam and I wish AEG great success with our baby as well as Live Nation with their opening of The Met Philadelphia later this year. 50 years ago we blazed a path and we feel very comfortable that the tradition of great music in one of the greatest music cities in the world will be well represented and will continue for many years to come. Thank you for all your support through the years!”