VIRGIN, BOWIE PART WAYS

David Bowie said Sunday he has left his label, Virgin Records, and will create his own independent music company.

"I've had one too many years of bumping heads with corporate structure," Bowie, said a statement on his Website (http://www.davidbowie.com) on Sunday. "Many times I've not been in agreement with how things are done and as a writer of some proliferation, frustrated at how slow and lumbering it all is. I've dreamed of embarking on my own set-up for such a long time and now is the perfect opportunity.".

The move comes after executives at Virgin's parent EMI Group missed an option to extend his contract for two more albums, insiders said. Bowie is expected to release his next record through his label, ISO.

Virgin released Bowie’s last three albums, which were relatively soft compared with some of his ‘80s material. However, the label did reissue of his lucrative catalog. Virgin has spent elephant bucks marketing his records, losing north of $50 million on this deal and sources say execs in charge were less-than excited to renew the pact.

ISO will release his upcoming untitled album, the 24th solo release of his career. Virgin had scheduled it for release March 12. ISO will have offices in New York and London, and has already signed two new unidentified artists.