Tue, 16 Feb 2010 | DIVISION SALE
EMI has put its famous Abbey Road recording studios in St John's Wood, London, on the market. It is understood a sale could bring in tens of millions of pounds.
EMI is looking to reduce a debt burden derived from its buyout in 2007 by private equity company Terra Firma.
The studio has suffered from cheaper competition by newer studios, and computer technology that enables artists to record high quality music.
It has yet to be established whether the Abbey Road brand name is also for sale, but as one media lawyer pointed out a buyer is sure to want the brand as well, as it is worth more than the property.
Abbey Road, one of the world's first custom-built recording studios, is also one of few studios able to house full orchestras. Producers have had scores for films such as Lord of the Rings recorded there.
EMI purchased the property at 3 Abbey Road for £100,000 in 1929. The Beatles used the studios for most of their recordings between 1962 and 1969, and called the final album Abbey Road as a tribute.
The studios have also been used by Radiohead, the Manic Street Preachers, Blur and Travis. Pink Floyd recorded 'Dark Side of the Moon' there.
UPDATE: 22 Feb 2010. EMI has taken the Abbey Road studios off the market following a public outcry to save the national treasure.
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