Absolutely false. Channels are about talking and listening. How the people listen is a detail.
Clear Channel is a media outfit. Media is about communication. Communication takes place over channels! Obviously, a "clear" channel is a good channel! The notion of a channel is fundamental to communication, and thus to a media enterprise. Thus, dibs on the name "Clear Channel" is valuable.
Only radio nerds will know, much less care, about the legacy-tech FCC definition, LOL!
Used to be, until they started playing "corporate crap", and since the initials are the same, it sort of tarnished the brand of "Clear Channel".