The Rolling Stones are reportedly leaving EMI, the record label with which they have been collaborating since the early 1990’s, and have already reached and signed a deal with the Universal Music Group. The company announced the signing of the deal in a statement.

According to the deal signed with Universal Music Group, the world-wide known rock band could earn as much as $15 million, according to sources close to the negotiations between the two sides.

Universal are forward thinking, creative and hands-on music people. We really look forward to working with them,” The Rolling Stones said in a statement.

The deal between The Rolling Stones and Universal Music Group is a hard blow for EMI, a company which was taken over by private equity company Terra Firma in 2007 and has since then made great efforts to keep hold of some of its biggest acts. EMI will continue to control the band’s lucrative publishing rights.

"EMI Group wishes The Rolling Stones well in their new venture and looks forward to a continuing relationship with the band through their long-term agreement with EMI Music Publishing," the company said in a statement.

According to Universal Music Group, the world's biggest music company, the agreement with The Rolling Stones covers future albums by the British rock band and their catalogue including such albums as "Sticky Fingers" and "Black and Blue" and songs "Brown Sugar" and "Angie". The deal also calls for a thorough new release of the band’s catalog online.