Switchfoot has cut ties with Columbia Records and will release new music on an independent.

Virgin Megastore in NYC could close: Real estate developers have inked a deal to buy Virgin Megastores North America. Industry insiders say the sale would allow the developers Related and Vornado – which are already Virgin’s landlords at their Union Square and Times Square stores, to close the two stores where Virgin has long-term leases well below market rates. (NYPost)

Jordin Sparks will be the first American Idol winner not signed to the RCA/Arista/J Records system, the usual home base for music mogul Clive Davis’ artists. Instead, Sparks was moved to Jive Records.

Alternative act Anberlin have signed to Universal Republic and plan to release a new album mid – 2008.