Pete Townshend and Roger Daltrey are marking 50 years together as The Who with a two-CD hits collection that includes "Be Lucky," their first new song in eight years. The Who premieres the track today over the airwaves in Britain and online with Speakeasy.

The tune evokes The Who of old, with a taut riff that gives way to bursts of roaring guitar from Townshend and full-throated vocals from Daltrey. They are backed by Pino Palladino on bass, ZakStarkey on drums and Mick Talbot, formerly of Style Council and Dexys,...