London, February 21: Struggling music group EMI said today it would not sell off its Abbey Road recording studios, made famous by artists like the Beatles, after a public outcry over reports that it might.
EMI said it had rejected an offer for the building last year and was in talks about a project to “revitalise” the studios in north London that “would involve a substantial injection of new capital.”
The Beatles used the studios for most of their recordings in the 1960s, including the 1969 album Abbey Road, whose cover featured a picture of the Fab Four walking over a pedestrian crossing outside the studio.
Other famous names who have made music there include Radiohead, Blur and Pink Floyd, whose album Dark Side of the Moon emerged from Abbey Road sessions.
“In mid-2009, we did receive an offer to buy Abbey Road for in excess of £30 million ($51.7 million) but this was rejected since we believe that Abbey Road should remain in EMI’s ownership,” EMI said.
Related Coverage
Beatle hopes for Abbey Road studios rescue
NEWS.com.au, 4 days ago
Abbey Road put up for sale by EMI
The Australian, 4 days ago
EMI reveals huge loss
The Australian, 5 Feb 2010
Music website ordered to drop Beatles songs
NEWS.com.au, 6 Nov 2009
EMI sues website over Beatles tunes
Adelaide Now, 4 Nov 2009
“EMI confirms that it is holding preliminary discussions for the revitalization of Abbey Road with interested and appropriate third parties.”
The music giant, bought by private equity firm Terra Firma in 2007, did not give further details of the project but indicated the studios would continue to be used for recording.
Britain’s Financial Times newspaper reported last week that Abbey Road could be sold as EMI bids to boost its finances, with Terra Firma trying to avoid breaching agreements on loans.
The news prompted former Beatle Paul McCartney, who has a house nearby, to tell the BBC: “There are a few people who have been associated with the studio for a long time who were talking about mounting some bid to save it.”
“I sympathize with them. I hope they can do something, it’d be great.”
Meanwhile, the National Trust, a charity which looks after historic English properties for the public good, also said it was looking at buying the studios after receiving a wave of calls from the public.
—Agencies