rename subfolders to parent folders

[delta1071]

My directory structure is:
FLAC
CDs
<Artist Name>
<Artist Album 1>
<various files>
mp3
<song files in .mp3 format>
<Artist Album 2>
<various files>
mp3
<song files in .mp3 format>
and so on.
The structure is consistent for the whole parent (FLAC) directory. I want to:

1. Move the contents of every mp3 folder up one level to its Artist Album directory .
2. Delete every mp3 subfolder WITHOUT touching any other files in any directory.

Can anyone help with this? Thanks.