Cliffhanger ending drawn out or cut (7)
I believe the answer is:
reduced
'cut' is the definition.
(similar in meaning)
'cliffhanger ending drawn out' is the wordplay.
'ending' indicates one should take the final letters (the letter at the end of the word).
'drawn out' becomes 'educed' ('educe' can be a synonym of 'draw out').
The final letter of 'cliffhanger' is 'r'.
'r'+'educed'='REDUCED'
'or' acts as a link.
(Other definitions for reduced that I've seen before include "Abridged" , "Decreased, cut down" , "Impoverished" , "Shortened" , "Made smaller" .)