Abbey Road Studios For Sale
EMI puts Beatles’ studios up for sale at £30m (or $46m) The Abbey Road studios made famous by The Beatles are in danger of closure after they were put up for sale by the music group EMI, which is currently struggling with huge debts. The digital revolution has lead to new artists releasing hits from their bedrooms, and many people question whether there is a role for large corporate studios. Also worth mentioning the Abbey Road site is likely to be more valuable than the studios themselves.
The sell-off comes as EMI’s private equity owner Terra Firma prepares to ask its own investors ask for an extra £150m to bail out the company. Terra Firma bought EMI in 2007 for £4.2 billion, saddling the music business with more than £2.6 billion of debt. EMI lost £1.75bn last year and Terra Firma’s high profile boss Guy Hands last week conceded the investment is now worthless.
EMI bought Abbey Road Studio in St John’s Wood for £100,000 in 1929.
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