Film last of participants in modern dance? (8)

I believe the answer is:

newsreel

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'film' is the definition.
(newsreel is a kind of movie)

'last of participants in modern dance?' is the wordplay.
'last of participants in modern' becomes 'news' (I am not sure about this - if you are sure you should believe this answer much more).
'dance?' becomes 'reel' (reel is a kind of dance).
'news'+'reel'='NEWSREEL'

Can you help me to learn more?

(Other definitions for newsreel that I've seen before include "current events programme" , "Short current affairs cinema film" , "information screened" , "Filmed report" , "Cinema broadcast" .)

I've seen this clue in The Times.

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