Award - the ultimate in radio? (5)
I believe the answer is:
oscar
'award' is the definition.
(Academy Award)
I can't explain the remainder of the clue.
Can you help me to learn more?
(Other definitions for oscar that I've seen before include "- - Hammerstein (musicals)" , "One close to Mike" , "Film industry award" , "Cinema award" , "US film award" .)