Elated, being broadcast (2,3)
I believe the answer is:
on air
I believe this clue is a double definition.
'elated' is the first definition.
(on air can mean very happy)
'being broadcast' is the second definition.
(on air on radio or TV)
(Other definitions for on air that I've seen before include "In the act of broadcasting" , "Transmitting now!" , "In the process of broadcasting - floating aloft?" , "How one walks when elated" , "Currently broadcasting" .)