“Abbey Road, the London recording studios immortalised by the Beatles album of the same name, has been put on the market by EMI as the music group looks to extricate itself from the debt burden of Terra Firma’s 2007 leveraged buy-out,” Andrew Edgecliffe-Johnson reports for The Financial Times.
“EMI would not comment but five people familiar with the situation told the Financial Times it had been courting bidders for the property in St John’s Wood. A sale could raise tens of millions of pounds,” Edgecliffe-Johnson reports. “It was not immediately clear whether EMI would sell the Abbey Road brand name along with the property, but one media lawyer said: ‘The brand is worth more than the building… anybody who wants the studios will want the brand.'”
Edgecliffe-Johnson reports, “EMI bought the house at number 3 Abbey Road for £100,000 in 1929 and transformed it into the world’s first custom-built recording studios.”
“The Beatles put the studios on the map, using it for 90 per cent of their recordings between 1962 and 1969 and naming their final album Abbey Road. EMI used the studios for last year’s release of remastered Beatles albums,” Edgecliffe-Johnson reports. “Pink Floyd recorded Dark Side of the Moon at the studios, which have also been used by Radiohead, the Manic Street Preachers, Travis and Blur.”
Full article here.
MacDailyNews Take: Perhaps if they had worked harder to bring The Beatles to iTunes Store in a timely manner, EMI wouldn’t have been forced into trying to unload Abbey Road today.