Report: Struggling EMI Looks to Sell Abbey Road Studios

London
– Struggling major record label EMI is looking to sell its historic Abbey Road studios,
the Associated Press reported, citing a person familiar with the situation. The
label purchased the London
residence in 1929 and converted it into the recording studio that would be
made famous by the Beatles’ record of the same name in 1969.

Terra Firma, the
private equity firm that acquired EMI in 2007 for $4.7 billion, has had to make
several cash infusions and is currently seeking another to help avoid
defaulting on the loan it took from Citigroup to finance the acquisition.

Meanwhile, Terra Firma head Guy Hands reportedly proposed separating the
company’s recorded music and music publishing units back in November, Digital
Music News reports.

Last week, the Telegraph reported that EMI is also planning
"radical cost cuts, including a further reduction in its 3,500-strong
workforce."

Related Links:
http://news.yahoo.com/s/ap/20100216/ap_en_mu/eu_britain_abbey_road

http://www.digitalmusicnews.com/stories/021410emi/view

http://snipurl.com/ub2sp
(DMW previous coverage)

http://snipurl.com/ue1kk
(DMW previous coverage)