Outdoor amphitheater Verizon Wireless Center in Noblesville will be renamed Klipsch Music Center under a new sponsorship agreement between speaker manufacturer Klipsch Group Inc. and venue owner Live Nation Entertainment.

Terms of the 5-year agreement, effective Thursday, were not disclosed. Company officials are scheduled to make an official announcement about the sponsorship Thursday morning at the amphitheater.

The 24,000-capacity concert venue, which opened in 1989 as Deer Creek Music Center, became Verizon Wireless Center in 2001 under a sponsorship agreement that expired this year.

“Today marks one of the most significant milestones in Klipsch history,” said Klipsch CEO Paul Jacobs in a prepared statement. “For 65 years, Klipsch has delivered on founder Paul W. Klipsch’s groundbreaking acoustic principle of recreating the live music experience. Live shows and their memorable, emotional impact have defined us as a company..."

Klipsch, based in Indianapolis since 1989, was acquired earlier this year by New York-based Audiovox Corp. for $166 million. It operates in Indianapolis as a stand-alone operation with 130 local employees. Earlier this year, Klipsch signed naming-rights agreements with Live Nation for the 7,500-seat Klipsch Amphitheater in Miami and the 1,100-capacity Irving Plaza Powered by Klipsch in New York City.

“The Klipsch brand is a great fit for this sponsorship, enabling them to reach, engage and connect with live music fans and their customers at our venues,” Maureen Ford, venue network president at Live Nation, said in a prepared statement.

The Noblesville venue has seating for about 6,000 in its pavilion area and room for about 18,000 in the lawn area. An average of more than 500,000 people attend events each year at the 228-acre facility, according to Live Nation.

The center is one of eight amphitheaters that Beverly Hills, Calif.-based Live Nation owns outright. Others are leased or operated under a booking contract.

The ticketing and promotions giant inherited the venue through a series of mergers. Local concert promoters Dave Lucas and Steve Sybesma opened Deer Creek in 1989 and later sold their company, Sunshine Promotions, to SFX Entertainment. Clear Channel Communications acquired SFX and in 2005 spun off Live Nation.

The venue was developed for about $12 million. Indiana gospel singer Sandi Patti was the headliner when it opened on May 20, 1989.