Corresponding squeeze occurring in New York-based news agency (10,5)
I believe the answer is:
associated press
'news agency' is the definition.
(I've seen this before)
'corresponding squeeze occurring in new york-based' is the wordplay.
I cannot really understand how this works, but
'squeeze' could be 'press' (synonyms) and 'press' is found within the answer.
The remaining letters 'associated' is a valid word which might be clued in a way I don't see.
This explanation may well be incorrect...
Can you help me to learn more?
(Another definition for associated press that I've seen is " News agency".)