Cancel Times (electronic) (5)
I believe the answer is:
erase
'cancel' is the definition.
(erasing is a kind of cancelling)
'times electronic' is the wordplay.
'times' becomes 'eras' (era is a kind of time).
'electronic' becomes 'e' (as in e-mail or e-books).
'eras'+'e'='ERASE'
(Other definitions for erase that I've seen before include "Blot out" , "Rub out, expunge" , "Remove from memory" , "Remove all traces of" , "Remove recorded material" .)