... thus time takes a popular TV institution (4,5)
I believe the answer is:
soap opera
'popular tv institution' is the definition.
Although both the answer and definition are singular nouns, I don't see how they can define each other.
'thus time takes a' is the wordplay.
'thus' becomes 'so' (synonyms).
'time' becomes 'popera' (I can't justify this - if you can you should believe this answer much more).
'takes' is an insertion indicator.
'so'+'popera'='sopopera'
'sopopera' placed around 'a' is 'SOAP-OPERA'.
Can you help me to learn more?
(Other definitions for soap opera that I've seen before include "Serialised domestic melodrama on TV or radio" , "Regularly broadcast series" , "TV programme" , "addictive programme?" , "Eg, Coronation Street" .)