Struggling EMI Puts Abbey Road Studios Up for Sale
Published Feb 16, 2010After a lot of talk that the struggling major label EMI was considering it, it's now been confirmed: legendary recording studio Abbey Road is up for sale.
As we reported last week, the label's parent company Terra Firma is looking to raise around $170 million to keep the record company afloat.
EMI hopes that by selling the legendary studio, it can make up for the label's steadily declining revenue over the last few years. In that time, the label has lost major recording artists such as the Rolling Stones and Radiohead, and has been faced with declining sales all around.
As CBC reports, Terra Firma is in considerable debt after buying the ailing record company, and may have to shut EMI down if the company can't pay its creditor, Citigroup, by June.
Abbey Road studios is, of course, a house turned recording studio in England where the Beatles recorded nearly their entire studio catalogue. Oh, and a couple other bands have recorded stuff there too: some band called Pink Floyd recorded something called Dark Side of the Moon and another, named Radiohead, recorded an album about computers being OK.
Let the bidding begin!