The Director-General of the commission, Malam Isaq Modibbo Kawu, announced the settlement on Friday.
Kawu, however, said, is based on the fulfillment of some conditions.
Africa News24 (AN24) recalls that NBC and Daar Communications had settled the rift between themselves.
The settlement was brokered by the Nigerian Press Organisation (NPO) comprising the Nigeria Union of Journalists, the Newspapers Proprietors Association of Nigeria, Broadcasting Organisation of Nigeria and the Nigerian Guild of Editors.
The President of NPO, Nduka Obaigbena, who oversaw the peace meeting, had said Daar Communications will withdraw the case it instituted against the NBC in court while the commission would also rescind its suspension of AIT and Raypower 100.5FM.