Electric Media has become the largest Irish digital advertising company after the assets of Ireland’s longest established online advertising company, Sales Online, were transferred to Electric Media.

The former boss of EMI's music division quit the troubled group with a £3.6m (€5.32m) pay-off, it was revealed today.

Alain Levy earned more than £3.5m (€5.3m) in pay and bonuses last year as chairman and chief executive of EMI Music – a job held since October 2001.