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:

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