"It's been an amazing journey being in a band with them, but sometimes individual tastes take friends in different directions and you can't ignore it. They are some of the most talented guys we know, and we’re sure that whatever they do next will be great.

"That said, Panic at the Disco is alive and very very well. We are working on new songs that we are excited for you to hear. Our dates with Blink and Fall Out Boy start in a little less than a month, and we wouldn't miss those for the world. We know everybody has a lot of questions at this point with everything being so out of the blue, most of those should be answered in the coming weeks. We appreciate every one of you, and hope you continue with us on this incredible ride."

Urie and Smith have not yet named replacements for the pair on the group's upcoming trek with Blink-182 and Fall Out Boy, which kicks off Aug. 8 in Milwaukee, WI. The two-week outing is slated to hit 12 cities next month, concluding with an Aug. 22 show in Clarkston, MI. Dates are below.

Panic at the Disco had been working on material for a follow-up to last year's "Pretty. Odd.," its sophomore set and second effort for Decaydance/Fueled By Ramen.

"We haven't started recording, but we started writing," Walker told LiveDaily in December. "We kind of never stopped after the last record."