LONDON, ENGLAND – After much speculation and confusion, a statement was released that Abbey Road studio is not for sale!
The EMI Group, short for Electric & Musical Industries, has released a statement saying that iconic UK recording studio Abbey Road will remain in its possession. Despite financial trouble, the record listened to the outcry at the prospect of the fabled studio being sold and said Sunday that Abbey Road is not for sale.
EMi is the fourth-largest business group and family of record labels in the recording industry, joining Sony Music Entertainment, Universal Music Group and Warner Music group as the “big four” record companies. Abbey Road is most notable famous for the Beatles recordings within the studio, releasing an album with the studio name.
“We believe that Abbey Road should remain in EMI’s ownership,” the company said in its statement. Abbey Road has been used as a studio since 1931 and it is an extensive complex with room to record entire orchestras. However, as record companies have slashed budgets in recent years, it has become extremely expensive for many artists and labels to record there.
Ever since being bought out in 2007 by Terra Firma, EMI has been struggling with huge debt levels. The UK private equity firm (Terra Firma) will have to raise at least $100 million in capital from investors to prevent the company from breaching its banking covenants.
For the time being, Abbey Road has been saved from going into the hands of another company. But with the current scope of its owner’s financials, who knows how long Abbey Road will survive.