From Lou Reed's website:
Lou Reed is pleased to announce that he has now signed a worldwide recording deal with Sancutary Records. Says Sanctuary CEO Merck Mercuriadis, “There are not enough adjectives in the dictionary to describe Lou Reed's importance to our culture, but if I had to pick one it would be "dangerous; today it is an honour to welcome Lou Reed to the Sanctuary family. We look forward to pushing the envelope with him through this next important chapter of his evolution as an artist.” Lou Reed is expected to start working on his Sanctuary Records debut in 2005.
I can't wait.