Love new song being broadcast (2,3)
I believe the answer is:
on air
'being broadcast' is the definition.
(on air on radio or TV)
'love new song' is the wordplay.
'love' becomes 'o' (love means zero in tennis).
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'song' becomes 'air' (I've seen this in another clue).
'o'+'n'+'air'='ON-AIR'
(Other definitions for on air that I've seen before include "How one walks when elated" , "In the process of broadcasting - floating aloft?" , "In the process of broadcasting on radio or TV" , "Walk in delight here" , "put out" .)