Posted January 24, 2018
Electric Factory founder Larry Magid pledges multiple student scholarships
The Temple alumnus is honoring Billy Crystal, Bruce Springsteen, Bette Midler, Chris Long and others.
Renowned concert promoter and Broadway producer Larry Magid, FOX ’64, HON ’12, and his wife, Mickey, have made a seven-figure pledge to establish or support scholarships for deserving Temple University students from the Philadelphia region.
On the eve of celebrating the 50th anniversary of Electric Factory Concerts—which Magid co-founded in February 1968—the new scholarship funds carry the names of some of the legendary entertainers with whom he’s worked, including pledges of $1 million each in honor of Billy Crystal, Bruce Springsteen and Bette Midler. Magid won a Tony Award as producer of Crystal’s 700 Sundays Broadway show.
In all, the Magids are creating 11 new scholarship funds—and making gifts to three others—for students with financial need enrolled at Temple’s Boyer College of Music and Dance; Klein College of Media and Communication; School of Theater, Film and Media Arts; and the Lewis Katz School of Medicine.
“Larry Magid is truly a Philadelphia icon who chose to spend the vast majority of his illustrious career not in New York or Los Angeles but in his hometown, the City of Brotherly Love,” said Temple President Richard M. Englert. “We’re delighted that Larry has chosen to support deserving Temple students who are pioneering their own pathways to success. The entire Temple family is grateful to Larry and Mickey for their wonderful generosity and commitment to our mission of providing opportunity for students.”
Although Magid sold Electric Factory Concerts—the promotion company associated with the Electric Factory—he maintains ownership of the iconic venue on North 7th Street and, in 2011, published My Soul’s Been Psychedelicized: Electric Factory: Four Decades in Posters and Photographs. He also operates Larry Magid Entertainment and was instrumental in producing the Live Aid and Live 8 benefit concerts in Philadelphia.
“A fundamental philosophy of mine is to share my successes,” Magid said. “Knowing firsthand how transformational a Temple education can be—especially for hardworking students with financial need, like I was—I couldn’t be happier to join my wife in supporting the next generation of performing artists and music executives.”
A fundamental philosophy of mine is to share my successes. Knowing firsthand how transformational a Temple education can be—especially for hardworking students with financial need, like I was—I couldn’t be happier to join my wife in supporting the next generation of performing artists and music executives.”
-- Larry Magid, alumnus
Through the naming of the Temple scholarships, Magid is honoring legendary collaborators, friends and mentors. In addition to Crystal, Springsteen and Midler, the student scholarships honor jazz musician Miles Davis and music agent Jack Whittemore; Jon Landau, music critic, manager and record producer who has worked with Springsteen; music executive Joe Smith; E Street Band guitarist and The Sopranos actor Steven Van Zandt; and the late Lenore Travis, who also worked in the music industry. Scholarships for medical students are being named for Electric Factory co-founder Herb Spivak and Kristen Ann Carr, for whom the Kristen Ann Carr Fund for cancer research is named. Carr is the late daughter of Magid friend Dave Marsh—a radio host, magazine editor and author—and his wife, Barbara.
“These performers and executives have made a lasting impact not only with their artistic talents but also through their achievements in supporting various charitable organizations and communities in need,” Magid said.
A West Philadelphia native, Magid has consistently supported the institutions in the city that he holds dear, including raising more than $1 million for local schools and music organizations through the auctioning of rock ‘n’ roll memorabilia and supporting the charitable foundation of Philadelphia Eagles player Chris Long.
Magid was inspired to make a gift to Temple in Long’s name after the defensive end donated all of his 2017 regular season game earnings to promote educational equity and opportunity for underserved youth. Long launched the Pledge 10 for Tomorrow Initiative and challenged fans to match his investment. In that spirit, Magid is matching Long’s total donation for the season to provide scholarships at Temple.
Magid’s philanthropy to the university has also included support for the renovation of the Temple Performing Arts Center; the establishment of the Alexander Magid and Leon Fisher scholarships at the Klein College of Media and Communication; a contribution to Klein College’s Donald H. Fey Memorial Scholarship Fund, named for the 1966 alumnus whose daughter is actress, comedian, writer and producer, Tina Fey; and a gift to a scholarship fund at Klein honoring the late TV executive Chuck Sherman.