The iconic building with the Ben Franklin face as its logo was sold to concert promoter AEG in a multi-million dollar deal.
And the new owners plan to retire the Electric Factory and open a brand new music hall in its place.
There's already a contest to re-name the new venue and the winner would get two tickets to every show through the year 2020.
For the past 50 years, the Electric Factory has showcased major musical acts, from Jimi Hendrix to Bruce Springsteen to Prince and Lady Gaga.
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