Linkin Park have demanded to be released from their recording contract with Warner Bros. Records. This stems from Warner's plans to develop an IPO (initial public offering), which is projected to raise as much as $782 million in profits. Linkin Park have taken this drastic step citing that this is the Warner owner's ploy to get rich, while not compensating or caring for their artists or label. The band say only $7 million of the profits Warner will make will go to the label's own music operations, with none being given to their artists. A press release presented by the band's management through BusinessWire cites; "The new owners of the Warner Music Group will be reaping a windfall of $1.4 billion from their $2.6 billion purchase a mere 18 months ago if their planned IPO moves forward. Linkin Park, their biggest act, will get nothing. Meanwhile, of the planned $750 million raised by an IPO, only about $7 million will be put toward the company's own operations, with no money going to WMG artists. Additionally, WMG has already seen a widespread reduction of its work force and substantial cuts in marketing and promotion expenditures. 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. Linkin Park has been responsible for approximately 10% of the entire Warner Music Group's record sales, selling over 35 million records worldwide in just 5 years. After reading numerous and daily articles about how WMG executives and corporate raiders have ridden the coattails of the creative community to extract massive rewards, Linkin Park has become increasingly offended and discouraged." It appears that the band were planning to start work on their new album soon, which was slated for a Spring 2006 release, but will now hold off until the problem is resolved. Linkin Park commented on the release of new material in the press release saying; "We couldn't be more grateful for the support we receive from all our fans around the world. We feel a responsibility to get great music to our fans. Unfortunately, we believe that we can't accomplish that effectively with the current Warner Music." Get ready for a long legal battle, people. Linkin Park have four albums left in their current ten album deal with WMG. Sources: BusinessWire, Yahoo!, Rolling Stone, USA Today. Thanks in part to Omar A and Ryan!