Solo record to be released on WB via American.

Although rumors swirled for months that Tom Petty was leaving Warner Bros. Records, his home since 1994, he tells Billboard.biz that his third solo album, "Highway Companion," will come out on WB, through Rick Rubin's American Recordings. Rubin, who had produced Petty in the past, moved his label to WB earlier this year.

"Rick talked me into it," Petty tells Billboard.biz. Even though the album will be on Rubin's imprint, Rubin will not have a hand in producing the project: those honors go to Jeff Lynne. "We're still working on it," Petty says. "We're just finishing a couple more songs. It should be out by spring or summer."