AceShowbiz -

Eighteen years after leaving Warner Bros. Record, Prince announces that he's reteamed with the major label. The singer has signed a new deal that will see him regaining ownership of his catalog. He and the company have also formed "an exclusive global licensing partnership that covers every album released from 1978 into the '90s," according to a press release.

As part of the deal, Prince will re-release the remastered deluxe edition of his "Purple Rain" album which celebrates its 30th anniversary this summer. Other re-releases are going to be announced in the future. The star has also told fans that his new album and previously unheard music are coming.

"A brand new studio album is on the way," Prince said in a statement. "And both Warner Bros. Records and Eye are quite pleased with the results of the negotiations and look forward to a fruitful working relationship."

Warner Bros. Records Chairman and CEO Cameron Strang added, "Everyone at Warner Bros. Records is delighted to be working with Prince once again: he is one of the world's biggest stars and a truly unique talent. We are also very excited about the release of new and re-mastered music from one of his greatest masterpieces."

Prince split with Warner Bros. Records in 1996, when he called himself a slave to the label and changed his name to a symbol. He recently released the full version of his duet with Zooey Deschanel, "FallinLove2Night". He sang the song with the actress when he made a guest appearance on her show, "New Girl", earlier this year.