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Paramore Announces 'Painful' Split With Bassist Jeremy Davis

'After taking time to consider how to move forward, we ultimately found that we really do believe Paramore can and should continue on,' the band wrote in a statement.

Paramore is down to two members. The band, which started in 2004, parted ways with bassist Jeremy Davis on Monday night.

"Jeremy is no longer going to be in the band with us," Paramore wrote in a statement. "To be honest, this has been really painful. After taking time to consider how to move forward, we ultimately found that we really do believe Paramore can and should continue on. And so we will."

In 2010, brothers Josh and Zac Farro left the band in a nasty split when they called the band a "manufactured product." Coming back from the breakup, the trio of Hayley Williams, Taylor York and Jeremy Davis released their self-titled album and won their first Grammy with "Ain't It Fun."

"The Self-Titled era was one that we knew would be important for us but also one we'd eventually have to move on from," the band wrote in the statement.

As for what's next, Hayley and Taylor will be hosting their second Parahoy cruise, which will sail from Miami to Cozumel, Mexico, and feature not only Paramore, but Chvrches, X Ambassadors, Lights and more.

Read their full statement:

Watch Paramore perform "Misery Business" on MTV: