Coldplay to Drop Record Company?

British rock band Coldplay is considering dropping their label, EMI, after a major company takeover left major stars without a contract.

The band is planning on releasing their next album this summer and a greatest hits album in 2009, which will fulfill their contract at EMI. After which, they will be shopping around for a new record label.

A source tells British newspaper the Daily Star, "There's so much uncertainty in the record industry right now. The boys don't necessarily need a label any more. They aren't even considering putting pen to paper on any type of contract until they see what happens."