09/26/2006 5:32 PM, E! Online


Two Seas or not Two Seas? Michael Jackson has opted for the latter.

The self-proclaimed King of Pop has split with the Bahrain-based record label just five months after signing on, pushing his once thriving music career into an ever deepening hibernation.

Jackson's longtime spokeswoman Raymone Bain has confirmed that the Thriller purveyor is no longer affiliated with the label that he cofounded last April and which was touted to release his would-be comeback album and follow-up to 2001's underperforming Invincible.

The 48-year-old formed Two Seas Records with Bahrain royal family member Abdulla Hamad Al-Khalifa. Per reports, British music exec Guy Holmes would serve as CEO of the label and oversee production on Jackson's new disc, which had been aiming for a 2007 release.

However, a rep for Holmes' U.K. label, Gut Records, told the BBC that the deal between Holmes and Jackson had never been formalized.

The deep-sixing of the label deal also seems to put the kibosh on the long-gestating Hurricane Katrina benefit single "From the Bottom of My Heart," which Jackson has regularly proclaimed is nearly ready for release. The all-star track, which began production a year ago, was due to be released by Two Seas.

But we may not have heard the last of Jackson just yet.

The Gloved One has already formed the Michael Jackson Company to oversee his dwindling finances (memo to the bean counters: You can start by removing the personal magician from the payroll). The company may, per the BBC, also branch off to become a label to shepherd any future Jackson releases.

After a sojourn in the Middle East, Jackson is currently holed up in England. His little sister Janet confirmed to Oprah Winfrey Monday that he and his children had no immediate plans to return to the States.

Source: Tanya