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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Asia Pacific World EMI says wants to hold on to Abbey Road studios Reuters - Monday, February 22 Send IM Story Print Pedestrians cross the road outside the Abbey Road Studios, in north London February 17, 2010. REUTERS/Jas Lehal LONDON - Music company EMI wants to retain ownership of the Abbey Road recording studios, immortalized by the Beatles album of the same name, though it is talking to other parties about revitalizing the site, EMI said on Sunday. A source familiar with the situation told Reuters last week that loss-making EMI had put the studios up for sale and was talking to a few interested firms, although no deal was imminent. "EMI confirms that it is holding preliminary discussions for the revitalization of Abbey Road with interested and appropriate third parties," the company said in a statement, without elaborating on what exactly the talks were about. EMI said it had been in discussions since November 2009 to find ways to regenerate the studios, which have been losing money for years, but had rejected an offer worth 30 million pounds . "We believe that Abbey Road should remain in EMI's ownership," the company said. Millions of Beatles fans around the world are sentimentally attached to the studios, which are also popular with tourists who pose for souvenir snaps on the nearby pedestrian crossing where the Beatles are pictured on the album cover. EMI said it welcomed reports that the architectural preservation body English Heritage planned to list Abbey Road, a step that would make it very hard for any developer to do anything radical to the site. Such a listing could potentially lower the price EMI could get for Abbey Road if it did end up selling it. The firm, owned by private equity group Terra Firma, said any plan it agreed for Abbey Road would involve "a substantial injection of new capital." "When Terra Firma acquired EMI in 2007, it made the preservation of Abbey Road a priority," EMI said. Last week's reports the studios were up for sale attracted a lot of interest, including from ex-Beatle Paul McCartney, who said the studios should be saved, and musical theater maestro Andrew Lloyd Webber, who signaled he was a potential buyer. Lloyd Webber, the man behind blockbuster musicals "Cats," "Phantom of the Opera" and "Jesus Christ Superstar," has recorded some of his works at Abbey Road. The 4-billion-pound acquisition of EMI has come to symbolize the difficulties caused by expensive buyout deals struck at the height of a private equity bubble. EMI's high debt and poor performance have become a burden for Terra Firma. The private equity firm recently launched a lawsuit against Citigroup, claiming the U.S. bank had inflated the price of EMI during the sale process by failing to reveal that another bidder had withdrawn. Citigroup denies the allegation. Recommend Send IM Story Print Related Articles "Shutter Island" drives moviegoers crazy Reuters - Monday, February 22 EMI denies Abbey Road studios to be sold AFP - Monday, February 22 EMI says wants to hold on to Abbey Road studios Reuters - Monday, February 22 DR.Congo orchestra brings Mozart to heart of Africa AFP - Monday, February 22 'Avatar' battles 'Hurt Locker' at British awards AFP - Monday, February 22 News Search Top Stories Poor weather could delay Endeavour's return Scientists see early warning to damaging El Nino Greece united despite economic woes, insists PM Fed chief to throw light on policy after rate hike Singing helps stroke victims regain speech More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Chemicals suspected in breast cancer Dozens of primate species on the brink: study Fed chief to throw light on policy after rate hike US scientists warn of fraud of stem cell 'banks' Singing helps stroke victims regain speech More Most Viewed » Third-hand smoke also bad for you: study DNA reveals some mystery on King Tut, raises questions Pitt, Jolie sue British paper over split claims Fury heats up after new AIG bonuses Sugary soft drinks linked to pancreatic cancer: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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