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Beatles, Oasis, Radiohead Studio Abbey Road 'Put Up For Sale'
February 16, 2010
Abbey Road, the London recording studios used by acts from The Beatles to Radiohead, has been put up for sale, according to reports.
Owner EMI, which recently reported a huge annual pre-tax loss of £1.5bn, is said to be actively looking for buyers.
The Financial Times says it is unclear whether the record label is looking to offload the Abbey Road brand name along with the property in St John's Wood.
One media lawyer told the newspaper the multi-million pound brand was “worth more than the building”.
Originally purchased for £100,000 in 1929, Abbey Road has risen to become one of the most recognisable recording studios in the world.
EMI, which was bought by private equity company Terra Firma for £4bn in 2007, has been blighted by heavy debts, which include high restructuring and financing costs.
The label is currently seeking a further £120million cash injection in a bid to prevent lender Citigroup from taking control of the business.
(by Jason Gregory)
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