ECHO PARK -- Concert and events giant Live Nation Entertainment said today it has purchased the owner of The Echo and Echoplex, which has transformed the neighborhood's nightlife and made it into a destination for indie music fans.

The sale also includes The Regent Theatre in Downtown L.A. and Spaceland, the concert promotion business founded by Mitchell Frank.

"Mitchell Frank and the Spaceland team are true champions of artists and together we look forward to bringing more incredible shows to Los Angeles," said Live Nation CEO Michael Rapino on Twitter.

The Echo and Echoplex, which between them have a capacity of about 1,000 persons, will become part of Live Nation's Southern California venues, which include The Wiltern, Palladium, Fox Riverside and others.

After opening the former Spaceland nightclub in Silver Lake, Frank took over a Sunset Boulevard Mexican restaurant in Echo Park nearly 20 years ago and turned it into The Echo nightclub.

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The Echo and, a larger venue called Echoplex, went on to become a hot spot for the city's indie music scene and an anchor for a new generation of restaurants, bars and shops that opened along Sunset Boulevard.

Frank, who is also selling his Prado bar across the street from The Echo, told the L.A. Times that he didn't expect the deal to raise ticket prices.

“Live Nation brings added know-how, extensive resources, and worldwide experience to help expand Spaceland’s growth,” said Frank said in a statement. “It will substantially increase our bandwidth and support our ability to continue to advocate and promote the artists and music we care about through live music.”

Correction: A previous version of this story said that Live Nation had reportedly purchased Spaceland Presents for between $20 million to $25 million. That's incorrect. That's the estimated amount Live Nation has spent in total on several acquisitions across Southern California.