Michael Jackson has taken a step towards returning to his musical career, by signing an exlcusive recording contract with Two Seas Records, a record company based in Bahrain, which is a joint venture between Jackson and Abdullah Hamed Al-Khalifa. new_management_deal.jpg Jackson has been living in Bahrain since shortly after being aquitted on all charges in June 2005, and is now said to be working on new material for an album, tentatively scheduled for release in “late 2007” according to a statement. “I’m incredibly excited about my new joint venture and I am enjoying being back in the studio making music,” Jackson says. Guy Holmes, a British record executive from Gut Records, has been signed to be the new CEO of Two Seas Records, and Holmes will also manage other business affairs for Jackson. Holmes will remain chairman of Gut Records. Holmes is known world wide for the massive European hit with Crazy Frog, essentially a popular ringtone attached to a manic animated character. Currently Holmes’ label, Gut Records, promote an association with Jackson, through a digital stream on its website, playing a Hi Tack remix of the 1983 hit, “Say Say Say”, subtitled “Waiting for U”. Source: Billboard/Yahoo! News/MJJF/eMJey