Cut tours to record company (6)
I believe the answer is:
motown
'record company' is the definition.
(Motown is an American record label)
'cut tours to' is the wordplay.
'cut' becomes 'mown' (past tense of 'mow').
'tours' means one lot of letters goes inside another (tour can mean to go around).
'mown' placed around 'to' is 'MOTOWN'.
(Other definitions for motown that I've seen before include "form of music" , "Detroit musical style" , "Tamla -, US soul music record label" , "Detroit's musical export" , "Genre of music originally from Detroit" .)