The Cranberries today announced that they have terminated the remainder of their recording contract with MCA Records, effective immediately.
The group signed in 1991 with Island Records America, and transferred to MCA in 2000 following a contract renegotiation.
Under the terms of that agreement, the group had one studio album remaining under that contract, but terminated following advice from their legal advisors.
"Since we were signed in 1991 by Island Records, we have gradually seen our label dissolve from a pioneering independent spirited label into a corporate monolith that completely lost touch with the group’s creative vision," said singer Dolores O’Riordan.
"All of the people we have worked with over the years (in America and England) have been fired or left the company, so the band felt it was time to move on to new opportunities."
The Cranberries have released two albums in the past 15 months selling in excess of 3.2 million albums worldwide.
Despite the current downturn within the music industry and little support from MCA in North America, the band have also performed 82 concerts to 600,000 people during that time.
"We have had great fan support throughout the world for many years," said guitarist Noel Hogan.
"With little effort from our label, we have been pleased to see top 10 sales in many countries. The band is excited about the prospect of a new beginning, starting fresh, and looking forward to another ten years in the music business. We expect to have a new album released by the end of 2003."
The Cranberries are in the midst of celebrating their 10th Anniversary as a professional group.
Career sales now exceed 38 million albums. The band are planning a tour later in the year, which they hope to confirm in the coming weeks.