February 04, 2008 09:01:57 GMT
Despite rumors saying that U2 will leave EMI, manager John McGuiness said that the band is in good term with the label and have four more albums with them.
On contrary to reports that U2 may be the latest music act to leave EMI, the rock band's manager, Paul McGuiness confirmed that both parties are in an "excellent relationship". In fact, they have renewed the contract for four more albums last year.
An exodus by Radiohead, Paul McCartney have prompted speculations that EMI is in a crisis, leading to rumors that other acts like Robbie Williams, Coldplay and U2 are leaving the label as well.
It was stemming from McGuiness's statement released last week that U2 is unsatisfied with the work on the label. McGuiness insisted that he was misquoted by a Fox News journalist when he said, "through lack of foresight and planning allowed a range of industries to arise that let people steal music"
U2 has been signed to EMI/Universal Music for 28 years. They are working on 12th studio album with producer Brian Eno and are expected to release it in October 2008. Meanwhile, there has been reports that they will play a string of dates at London's O2 later this year.