Over 99% of shareholders in Britain's largest music company EMI voted on Monday to approve its $20bn merger with Time Warner, giving birth to a music and media behemoth.

The deal, announced in January, followed hard on the heels of TW’s $122bn takeover by global internet service provider America Online. The EMI deal is fuelled by the expectation that internet music sales will soar in the next few years as digital downloading becomes ever easier.

News source: BBC Online Business News (UK)