Legend presented in crummy theatre (4)
I believe the answer is:
myth
'legend' is the definition.
(thesaurus)
'in crummy theatre' is the wordplay.
'in' indicates a hidden word.
'MYTH' is hidden within 'crummy theatre'.
'presented' is the link.
(Other definitions for myth that I've seen before include "Delusion" , "don't believe a word of it!" , "A US president; a UK PM" , "Fictitious thing; traditional story" , "Fanciful story" .)