Late yesterday, Clear Channel Communications (CCU: sentiment, chart, options) announced that it will launch an online radio network that offers more than 900 stations. The offerings will include independent online stations. CCU will collaborate with Katz Media Group to form the network. You can access the stations by going to said station's Internet site and listening from there. However, the new network will be accessible through 1 site, which will be launched next month. The new network will be called Katz Online Network and will include AM and FM station streams along with syndicated shows.

Reportedly, this network will have the largest marketing reach in online radio. In June, the stations reached an audience 4.7 million strong. For reference, this is the number of listeners that listened to a station for at least 5 minutes. At last check, CCU was trading incrementally higher at $35.91 per share.