Rockers Queen have confirmed they are abandoning their longtime record label EMI to sign a lucrative new contract with the Universal Music Group.
It was rumoured in May (10) that the Bohemian Rhapsody legends would follow in the footsteps of Sir Paul MCCartney and quit the faltering company after almost 40 years.
And on Monday (08Nov10) the band announced they will be defecting to Universal in an undisclosed multi-million dollar deal.
Guitarist Brian May says, "We are very excited, after all this time, to be embarking on a new phase of our career - with a new record company, with new ideas, and new dreams."
Universal bosses are now making plans to release re-mastered versions of all of Queen's studio albums next year (11).
It is the latest blow for EMI, which was taken over by private equity firm Terra Firma in 2007 and has lost a host of talent from its books, including The Rolling Stones, Supergrass and Radiohead.