The two groups are set to be inducted into the IES Rock Honors, part of the Indie Entertainment Summit, in Los Angeles on 5 August (15).

The honour marks both bands' 40th anniversaries as they were both founded in 1975, and the day of the induction event also falls exactly 40 years after The Runaways co-stars Joan Jett and Cherie Currie met for the first time.

The Ramones and former Guns N' Roses rocker Slash will also be among the inductees, and the event will feature tributes from members of Metallica and Megadeth.

A statement from the organisers reads, "This year's IES Rock Honors... will be a historic night... (and) will be (an) induction.. of icons on their 40th Anniversaries."

The music industry conference runs from 5-8 August (15).