Athens, Ga.'s alternative pioneers R.E.M. and California's hard-rocking Van Halen are two of the newest members of Rock N' Roll's Hall of Fame, it was announced today. Grandmaster Flash, the Furious Five, the Ronettes and Patti Smith also were named to the hall.

The musical acts were chosen by a panel 600 industry figures and will be inducted on March 12 in New York. To be eligible for the Hall of Fame, artists need 25 years in the music biz.

"R.E.M. and myself in particular are really terrible at looking backward," R.E.M. singer Michael Stipe told the Associated Press via a phone interview. "I'm just really honored that they thought of us."

"We couldn’t be more proud to honor this unique, diverse group of rockers, rappers, singers and poets. This is what rock and roll is all about," Rock and Roll Hall of Fame Foundation president and C.E.O. Joel Peresman said on the hall's website.

The bands join other 80s institutions already inducted in the hall, including Michael Jackson, the Police, Talking Heads, AC/DC, Prince and U2.