Record company EMI have denied The Rolling Stones have severed their multi-million pound contract with them.

The denial comes after the band confirmed they have signed a one-album deal with Universal to release the soundtrack CD to Martin Scorsese's film Shine A Light, due to be released in March.

The album will be released physically and digitally across Universal Music's labels worldwide and by Polydor Records in the UK.

The Rolling Stones have a five-year deal with EMI, thought to be worth £14 million, which is due to expire in May.

The band are said to earn the record company around £3 million a year.

EMI are currently under fire for announcing plans to axe up to a third of the workforce in a move the company are billing as a "revolutionary" overhaul to the business.

A spokesman for The Rolling Stones said: "The band are looking forward to working with Universal Music and are excited about this new venture."

But a spokesman for EMI later clarified: "The Rolling Stones have not signed to Universal and they have not left EMI."

© Independent Television News Limited 2009. All rights reserved.