Broadcaster Paul Gambaccini will face no further action after being arrested under sex crime investigation Operation Yewtree.
The 65-year-old had maintained his innocence since he was held on October 29 last year.
He was arrested on the same day as another man, now aged 75, over alleged sex offences during a two-year period in the early 1980s.
Baljit Ubhey, the Chief Crown Prosecutor of CPS London, said: Having carefully reviewed this case, we have decided that there is insufficient evidence to prosecute in relation to allegations of sexual offences made by two males believed to be aged between 14 and 15 at the time of the alleged offending.
Each allegation was considered on its own merits and we have concluded that the available evidence does not offer a realistic prospect of conviction for any of the alleged offences.
The complainants have been informed and we will be writing to them to more fully explain our decision and offer a meeting should they wish to discuss the matter in more detail.
At the time of his arrest, Gambaccini released a statement to say: On Monday night, October 28, I attended an excellent production of the Kander and Ebb musical, The Scottsboro Boys, at the Young Vic theatre.
It concerned a group of black men in Alabama in the 1930s who were falsely accused of sexual offences. Within hours, I was arrested by Operation Yewtree.
Nothing had changed, except this time there was no music.
After the announcement, Gambaccini s friends and colleagues expressed their relief.
Broadcaster Liz Kershaw said: Delighted to hear my friend, mentor, music encyclopaedia and perfect gentleman #PaulGambaccini is a free man after a whole year on bail.
Gambaccini and the second man were the 15th and 16th people to be arrested under Operation Yewtree, the national inquiry sparked by allegations against Jimmy Savile.
Ten people, including Jim Davidson and Freddie Starr, have been told they will face no further action after being questioned as part of the investigation.
Three have been convicted - performer Rolf Harris, PR expert Max Clifford and DJ Dave Lee Travis.
Former pop star Gary Glitter and ex-radio DJ Chris Denning are due to face trial.
Driver David Smith was charged but died before court proceedings could take place, and another man, aged 73, remains on bail after he was arrested in April.
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