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EMI shelves plans to sell Abbey Road

Cash-strapped music company EMI Group Ltd. has shelved plans to sell Abbey Road and is now looking for an investor to help save the London recording studio made famous by The Beatles.

News last week that EMI had been speaking to potential buyers sparked dismay among music fans. Former Beatle Paul McCartney said he hoped Abbey Road could be preserved, and the National Trust heritage group said it was considering buying the building, The Associated Press reports.

But EMI now says it wants to keep the facility and is talking to "interested and appropriate third parties" about a revitalization project.

Abbey Road is one of the world's most famous music studios, used by artists including Pink Floyd, Jeff Beck and Radiohead.

EMI said Sunday it had rejected a $50-million offer for Abbey Road last year.

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

EMI - whose artists include Coldplay, Lily Allen and Robbie Williams - has struggled financially since it was bought in 2007 by private equity firm Terra Firma Capital Partners.

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