Pearl Jam was indeed recording a Target commercial under the direction of Cameron Crowe last week at Seattle’s Showbox theater, Billboard can confirm. But there’s more to the story than an exclusive retail relationship.

While it has been known that Pearl Jam are no longer under contract after 18 years of recording for Sony-affiliated labels, there has been only speculation about who would release their next album and how. Kelly Curtis, who has managed Pearl Jam since day one, conducted a wide-ranging interview with Billboard on Sunday, confirming the band’s next release — scheduled for  early fall — would appear without a U.S. label, but a consortium of partners, including Target, as the “big box” retail partner.

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