The Cranberries have terminated their contract with MCA Records, according to a statement. The veteran Irish rock act had one final studio album left under its deal but will instead continue work on a

The Cranberries have terminated their contract with MCA Records, according to a statement. The veteran Irish rock act had one final studio album left under its deal but will instead continue work on a new set that it will release in the second half of the year on an as-yet-unannounced label. A tour is also in the works for later in the year.

"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," singer Dolores O'Riordan said in the statement. "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 shot to fame in the mid-'90s on the strength of their first two Island albums, 1993's triple-platinum "Everybody Else Is Doing It, So Why Can't We?," and the following year's "No Need To Argue," which has sold more than 4.2 million copies in the U.S., according to Nielsen SoundScan.

The group's first -- and last -- MCA studio album, "Wake Up and Smell the Coffee," debuted at No. 46 on The Billboard 200 in November 2001. A best-of compilation, "Stars," reached No. 20 last fall on the U.K. album chart.

"We have had great fan support throughout the world for many years," guitarist Noel Hogan said. "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 10 years in the music business."

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