The Telegraph reported that the Irish rockers decided to cut their ties with
Island Records after the label, which signed them in 1980, offered them no
assistance while they were working on a recent "Best of" compilation.

During their partnership, the rockers and Island Records has seen U2 become one
of the world's most popular bands, but lead singer Bono and his musical partners
said the label's "hands-off" approach has become a point of contention.

Jason Iley, the label's former general manager, moved to Mercury Records last
year and U2 promptly signed with his new employer.

U2 intends to remain within the Universal Music Group and plan to release a
charity single next month from their new label, the report said.