From Billboard:

According to a short post on its Web site, the reunited Smashing Pumpkins are recording their first album in seven years with producer Roy Thomas Baker, who is best known for his work with Queen but resurfaced last year to produce the sophomore album from the Darkness.

Beyond frontman Billy Corgan and drummer Jimmy Chamberlin, it is still unclear who else is involved in the new incarnation of the Pumpkins. The group is now being managed by Irving Azoff, who also works with Christina Aguilera and the Eagles.

Corgan stunned fans in June 2005 when he took out a full-page ad in the Chicago Tribune and Sun-Times announcing his intentions to “renew and “revive” the Pumpkins, who split acrimoniously in 2000.

In 2004, he broke his silence about why the band dissolved, lashing out at guitarist James Iha and bassist D’Arcy Wretzky for walking away from an endeavor he described as “essentially my entire life… a dream I still believe in.”