Idiosyncratic rock veteran David Bowie [ tickets ] announced on his official website that he would not be renewing his contract with Virgin Records, the label that released his last three albums. Bowie plans to create his own independent record company, dubbed ISO, to release all of his own future recordings, as well as those of new artists.

"I've had one too many years of bumping heads with corporate structure," Bowie said on his BowieNet website. "Many times I've not been in agreement with how things are down and as a writer of some proliferation, frustrated at how slow and lumbering it all is. I've dreamed of embarking on my own set-up for such a long time and now is the perfect opportunity."

Virgin first was informed of move when Bowie's business representatives, RZO, sent a letter to the label on Dec. 13, stating in part, "We respectfully decline your attempts to negotiate a new contract in light of the missed option pick up of a year ago." That option gave the label the opportunity to extend Bowie's contract for two more albums.

While Bowie's releases on Virgin were not huge sellers (Bowie's last studio album was 1999's "hours…" debuted at a respectable No. 47 on Billboard's 200, while 2000's "David Bowie Live at the Beeb: 1968--1972" debuted at No. 181), the label did reissue his much more profitable back catalog, and it appears that it will continue to do so. Calls to Virgin Records were not returned by press time.

ISO plans to release Bowie's upcoming album, produced by longtime collaborator Tony Visconti, this year, but so far has not revealed a release date. Virgin had the as-yet-untitled album on its schedule for March 12.

Representatives of the artist said that Bowie has already signed two acts--an unidentified solo artist and a band--to the label, which will base operations out of both New York and London. According to BowieNet, Bowie and Visconti recently moved their projects into their own recording studio in Manhattan in anticipation of Bowie's move.