Band holding record back is prominent news story (6)
I believe the answer is:
splash
'prominent news story' is the definition.
(I've seen this before)
'band holding record back' is the wordplay.
'band' becomes 'sash' (a band of material).
'holding' is an insertion indicator.
'record' becomes 'L-P' (abbreviation for long play record).
'back' is a reversal indicator.
'lp' in reverse letter order is 'pl'.
'sash' going around 'pl' is 'SPLASH'.
'is' acts as a link.
(Other definitions for splash that I've seen before include "Big newspaper feature" , "Small amount of something liquid" , "Effect of hitting water (or headlines!)" , "Lead news story" , "big front page news" .)