Coldplay to leave EMI

Coldplay are planning to leave EMI Records.

The band, fronted by Gwyneth Paltrow's husband Chris Martin, are set to follow in the footsteps of Sir Paul McCartney and Radiohead by cutting ties with the label after the release of their fourth studio album, 'Prospekt', in May.

A source close to the band said: "There's so much uncertainty in the record industry right now. The boys don't necessarily need a label anymore.

"They aren't even considering putting pen to paper on any type of new contract until they see what happens."

The four-piece band is expected to fulfil their five-record deal with EMI Records by releasing a greatest hits collection in 2009.

Coldplay's planned departure is the latest in a series of disappointments for the world famous label.

After losing some of their biggest acts, including Beatles legend Sir Paul McCartney, the company made cutbacks across the entire label, leaving staff in doubt about their future.

One label insider told Britain's Daily Star newspaper: "They're not even replacing the staff who moved on. Nobody seems to know what's happening."