The 50-year-old Electric Factory in Philadelphia was purchased by AEG Presents in a deal announced earlier today. As part of the sale, AEG will search for a new name — the Electric Factory brand is owned by Live Nation, who purchased the promotion business in 2000 during the SFX roll up, but not the actual Electric Factory venue.

In 2015, AEG signed the exclusive rights to book the Electric Factory and the Underground Arts. AEG Present’s roster in Philadelphia now includes the Keswick Theatre, Trocadero Theatre, and the 13,000-cap Mann Center for the Performing Arts.

“What a ride it’s been,” said Larry Magid, head of Electric Factory and Electric Factory Concerts in a statement following the announcement he and partner Adam Spivak had sold the club, which will be managed by AEG’s Bowery Presents.

“We would like to thank the hundreds of thousands of fans who have attended the over 2,500 shows at Electric Factory from its original location at 22nd and Arch from 1968-1970 to its rebirth in 1995 at 7th and Willow,” Magid said in a statement. “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.”

The Electric Factory has hosted shows by 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

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,” said Magid “but a continuation of the past eight years as Larry Magid Entertainment Group producing national and worldwide tours and Broadway shows in addition to our concert business.”

Magid 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.

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,” Magid said in a statement. “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!”