Abbey Road studios of Beatles fame up for sale

Cash-strapped music company EMI Group Ltd is seeking a buyer for Abbey Road studios, where The Beatles recorded some of their most famous songs, a person familiar with the situation said Tuesday.
The person said talks had been going on for several months, but a buyer had not yet been found. The individual spoke on condition of anonymity because the talks are private. EMI, whose artists include Coldplay, Lily Allen and Robbie Williams, has struggled financially since it was bought in 2007 for 2.4 billion pounds by private equity firm Terra Firma Capital Partners.
Several big-name acts, including Radiohead and the Rolling Stones, quit the label amid the cutbacks and restructuring that followed Terra Firma’s takeover. An audited report released last week revealed that Terra Firma needs a huge cash infusion by June to avoid defaulting on its loans from Citigroup Inc and may require more than $165 million to last through this year.
If funds can’t be raised and the loan goes into default, Citigroup could seize EMI and cause it to be sold or broken up. Abbey Road is one of the company’s most high-profile assets, as both a recording studio and a tourist attraction for Beatles fans.