Abbey Road for sale?

09:34 | Tuesday February 16, 2010

EMI is said to have put Abbey Road recording studio up for sale in a bid to tackle its debts.

EMI is not commenting on the situation but a report in this morning's FT citing "five people familiar with the situation" claims that the debt-laden major has been looking for bidders for the property.

It is not clear, the report adds, whether EMI is intending to sell both the brand and the studio.

This follows EMI's decision in 2008 to shut Olympic studios in West London. That meant that Abbey Road was EMI's last studio asset. At the time a source told Music Week, "EMI remains committed to Abbey Road Studios and we are working through a long-term plan to develop that business."

EMI recently posting pretax losses of £1.75bn and owner Terra Firma now has to find £120m of new cash by June 14 or risk losing control of the company to Citigroup, the bank that loaned it the money for the EMI acquisition.

(original article: Music Week on-line: http://www.musicweek.com/story.asp?storycode=1040061)