And they've got Bono, Elvis Costello and Tom Waits to help them...

Critically acclaimed film making siblings JOEL and ETHAN COEN are to form a new record company with BONO, Tom Waits and Elvis Costello amongst the special advisors.

The brothers will also be joined by legendary producer T-Bone Burnett on DMZ Records.

The label was born from the success of ‘O Brother Where Art Thou?’, the 4.5million selling, multi-Grammy winning soundtrack to the Coen Brothers’ film of the same name. The album, produced by Burnett, won five Grammys in all, including gongs for Best Album and Best Producer.

The first release from the label, set to be distributed by Columbia Records, will be from 75-year-old country singer Ralph Stanley, who himself won a Grammy for ‘O Death’ from the film soundtrack.