Rascal Flatts have a new label, a new single and a release date for their upcoming album. The guys have been added to the Big Machine Records roster, home to Taylor Swift, Trisha Yearwood, Jack Ingram and Steel Magnolia. "I'm just thrilled that Taylor let us on the label," Rascal Flatts' Jay DeMarcus joked after the news was announced at a press conference in downtown Nashville on Thursday, July 29.

"It just feels right," exclaimed Flatts guitarist Joe Don Rooney following the press conference. "It's a successful label. It's a young label. It's a hip label. They've had a lot of success, and it just felt like it was the perfect fit."

Big Machine Records' President and CEO Scott Borchetta explained that he did not want to wait any longer to unveil the group's new single, appropriately titled 'Why Wait,' which dropped at noon today. It is the first release from their upcoming 'Nothing Like This' album, due in stores November 16.

In April, it was announced the group's original label, the Disney-owned Lyric Street Records, would be shutting its doors, but leaving a promotions team in place to work singles to radio. With no more singles at radio, the label is now closed. Initial musings had the band transferring to another label imprint within the Disney group, but after much consideration and conversations, the guys decided to go to Big Machine. Lyric Street opened its doors in 1997, and released Rascal Flatts' first single, 'Prayin' for Daylight,' in 2000.

"I was actually on my way to the studio when we found out that Lyric Street had shut down," lead singer Gary LeVox told The Boot after the press announcement. "We were so pumped and thrilled about the body of work on the 'Nothing Like This' album, and it just took the wind out of us because we had no idea. We knew the music that we created for this project was outstanding. So, our biggest fear was it would never be heard ... your whole entire world had crumbled at that point."

The guys were not down in the dumps for long, as they just started looking forward instead of back. "We started looking at options and have always loved Scott, and we put Taylor on tour with us, and she took off, so [it felt natural]," Gary says. "We've always had a really good relationship [with Big Machine]. Their work ethic and what their goals are and how they run a business is the exact same way we run our business. And it was just a great partnership ... the future is going to be in incredible!"

Joe Don wanted to make sure the three properly paid tribute to their former label home. "The last 10 years has been incredible to us, and we wanted to tip our hats to everybody at Lyric Street and the Disney family. We couldn't have done it without them. But this is a new day for Rascal Flatts!" Gary then piped in to start singing 'God Bless the Broken Road,' a fitting musical beginning to the new relationship.