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  • Lavinia Darling
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    • Abbey Road Studio up for sale?!
    Wednesday, February 17, 2010 11:41

    “Troubled music company EMI Group PLC is talking to potential buyers for Abbey Road Studios, the hallowed London facility where the Beatles did most of their recording, according to a person familiar with the matter.
    The talks are the latest sign of distress at the world’s No. 4 music business, which has floundered since being acquired in a 2007 leveraged buyout by private-equity firm Terra Firma Capital Partners Ltd.
    Terra Firma is attempting to avoid default on a £950 million ($1.49 billion) loan backed by EMI Music, the company’s struggling recorded-music business. It needs to raise more than £100 million from Terra Firma’s investors to keep from defaulting on the Citigroup loan. A sale of Abbey Road—which EMI hopes is worth tens of millions of pounds—wouldn’t have any impact on that effort, a person familiar with the matter said. The transaction is too small to make a difference, and in any case wouldn’t likely be completed in time to boost Terra Firma’s latest fund-raising effort.”

    Continue reading at The Wall Street Journal





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