Larry - You're wrong. Clear Channel had to divest their tv station group when they went private. They sold it a year ago. Only groups that were grandfathered or have received waivers can continue to own both (see Tribune in Chicago, which got a waiver to keep WGN-AM).
The FCC was debating opening up cross-ownership in the Top 10 markets. Currently, New Orleans is like 54th, so it's not going to happen here for awhile if at all.
By the way, for radio in New Orleans, you can own up to 6 stations, but not more than 4 on one band.