Old readers embracing comic art at The Playhouse? (7)
I believe the answer is:
theatre
'the playhouse?' is the definition.
(I've seen this before)
'old readers embracing comic art' is the wordplay.
'old readers' becomes 'thee' (historical pronoun for 'you' ie the people reading).
'embracing' means one lot of letters goes inside another.
'comic' indicates an anagram.
'art' with letters rearranged gives 'atr'.
'thee' going around 'atr' is 'THEATRE'.
'at' acts as a link.
(Other definitions for theatre that I've seen before include "US cinema" , "stage productions" , "Location for plays and operations" , "Drama in general" , "Building for dramatic art" .)