Linkin Park, WMG agree on new recording contract

Rockers Linkin Park, who took their contract dispute with Warner Music Group public earlier this year, reportedly have reached a lucrative new agreement with the label.

According to published reports, the group--one of the label's most successful in recent years--has signed a five-album deal worth $15 million.

Word of the agreement comes after reports that Linkin Park guitarist Brad Delson told Billboard.com earlier this month that the group was resolving its differences with WMG, and was "looking forward to putting out a record next year."

Linkin Park's management company, The Firm, issued a statement in May claiming that the band was unhappy with WMG's since-completed initial public offering, and was seeking to end its contract with the label. The statement added that the band would not record a new album for release next year, as it had originally planned.

"Linkin Park has become increasingly concerned that WMG's diminished resources will leave it unable to compete in today's global music marketplace, resulting in a failure to live up to WMG's fiduciary responsibility to market and promote Linkin Park," the statement said.

A statement issued in response by Warner Bros. said: "While Linkin Park's talent is without question, the band's management is using fictitious numbers and making baseless charges and inflammatory threats in what is clearly a negotiating tactic. Warner Bros. Records has made significant investments in Linkin Park, and they have always been compensated generously for their outstanding worldwide success."

According to industry reports, Linkin Park has sold more than 35 million albums worldwide in the last five years, including more than 10 million copies of its latest release, 2003's "Meteora."