Irish band U2 are rejoining Island Records, the record label that discovered them in the late 1970s. Bono and his bandmates are now preparing a new album which reportedly will be released in spring 2014.
U2 left Island Record more than seven years ago because they were dissatisfied with how the new label head treated them. The band then followed their former boss Jason Iley to sister label Mercury Records.
However, Mercury was shut down earlier this year and many signees were moved to new company, Virgin/EMI. Instead of joining the new company, the band will head back to Island, which has had a change of management since their departure.
"They are going back to their spiritual home," a source confirmed. Representatives for Universal and Island have yet to comment on the news.
U2 recently split from their longtime manager, Paul McGuinness. "Paul has saved us from ourselves many times over and we would not be U2 without him," the band said in a statement earlier this year. "Sometime soon, U2 will begin a new adventure around the world and we totally understand and respect Paul's desire to not run away with the circus - AGAIN."