EMI Is Not Selling Abbey Road Studios

Music giant EMI has responded to the recent rumors that it may sell off Abbey Road, the legendary Beatles recording studio in London.

In an official statement released over the weekend, EMI's parent company, Terra Firma, announced that it will not, in fact, sell the aging space, but revitalize it instead.

The statement comes after last week's public outcries from former Beatle Paul McCartney and swirling rumors that composer Andrew Lloyd Webber may swoop in to save the studio.

"In response to recent press speculation, EMI confirms that it is holding preliminary discussions for the revitalization of Abbey Road with interested and appropriate third parties," the company said in the statement.

"Abbey Road studios had, for a number of years, been losing money and we have developed plans to revitalize the studios," EMI added. "These plans would involve a substantial injection of new capital."

Abbey Road has not only hosted recording sessions by such classic rock legends as the Beatles and Pink Floyd; it was also the studio used to record Radiohead's Kid A, as well as albums from Oasis and Snow Patrol.

Source: www.rttnews.com