A group of independent Internet radio stations has signed on for what’s being billed as the world’s largest online audio network ever. Clear Channel has just launched the new Katz Online Network — a joint venture with its subsidiary, Katz Media Group — which combines both commercial and independent radio properties.

The Katz Online Network already boasts 1,200 commercial stations from Clear Channel, Cox, Emmis, and a host of other ownership groups in addition to the independent Internet-only content — something Clear Channel claims as a first. All combined, the properties will pull in almost five million listeners a week, the company says.

The Internet stations on-board include Energy Group Radio, Club 977, Accuradio, Digitally Imported, FineTune, Radioio, and SmoothJazz.com.

Not surprisingly, Clear Channel is pushing the network’s advertising opportunities in a not-so-subtle way. Let’s hope the arrangement at least brings in some new revenue for the smaller, independent net stations that have put their content into the mix.