Paul McCartney is back with a new studio album and a huge recording deal

Paul McCartney has signed a worldwide recording agreement with Capitol Records, the label where he began his solo career, Billboard reports.

The "historic deal," as the Universal Music Group label that owns Capitol has deemed it, will bring master recordings for McCartney's entire solo back catalog to Capitol, dating back to his 1970 debut album "McCartney."

Capitol also announced that McCartney is now working on a new studio album. His most recent effort, the album "New," was released on Hear Music in 2013.

"This is genuinely exciting for me," McCartney said in a statement about the new deal. "Not only was Capitol my first U.S. record label, but the first record I ever bought was Gene Vincent's 'Be-Bop-A-Lula' on the Capitol label."

Lucian Grainge, the Chairman and CEO of Universal Music Group, gave the following statement on McCartney's signing:

"It would be simply impossible to overstate what an honor it is to welcome Paul back to Capitol. It's a homecoming of one of the greatest musical artists of all time to the label that first helped bring his incredible music to the world. Paul's astonishing career has shown no limits - in creativity, in commercial longevity, and in its impact on people and cultures in every corner of the globe. We are thrilled at both Capitol and UMG to be able to contribute to the next chapter in Paul's extraordinary career."