PHILADELPHIA (CelebrityAccess) — AEG’s Bowery Presents announced on Wednesday that it has acquired the legendary Philadelphia club The Electric Factory.
“What a ride it’s been,” sad Electric Factory co-owner Larry Magid. “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.”
Long a fixture in the Philadelphia music scene, the 2,700-capacity Electric Factor first opened its doors at 22nd and Arch Street in 1968. The club then re-opened at its current location in 1995 by Magid and his business partner Larry Spivak, who have owned the venue for the past 24 years.
The financial terms of the deal were not disclosed, but one part of the club that wasn’t sold was its name. According to a press statement, Live Nation, which owns the name and trademark to Electric Factory, refused to release it as part of the sale. Live Nation acquired ownership of the name in 1998 when Magid and Spivak sold Electric Factory Concerts to SFX, which later became Live Nation. When Magid exited from the company in 2010, Live Nation allowed him to continue to use the name while he continued to operate the club.
As a consequence, The Electric Factory is now known as North Seven Philly, at least temporarily. Bowery Presents announced that they are holding a contest to rename the venue.
Bowery Presents, which was acquired by AEG Presents in 2016, also operates other venues in the market such as Mann Center for the Performing Arts, Keswick Theatre and Underground Arts through booking agreements or outright ownership.
Magid indicated that he does not plan to retire following the sale.
“This is not a retirement call,” Magid said in a press statement, “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.”
Adam Spivak also indicated he plans to continue in the music business as a 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.
“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,” Magid said.