Newspaper carrying excellent feature (5)
I believe the answer is:
facet
'feature' is the definition.
(facet is a kind of feature)
'newspaper carrying excellent' is the wordplay.
'newspaper' becomes 'ft'.
'carrying' is an insertion indicator.
'excellent' becomes 'ace' (I've seen this before).
'ft' enclosing 'ace' is 'FACET'.
(Other definitions for facet that I've seen before include "Aspect or feature of something" , "Gem's cut side" , "Look" , "Small flat surface of cut gemstone" , "Side or surface, diamond or building" .)