Old satellite TV company has party (6)
I believe the answer is:
skylab
'old satellite' is the definition.
'tv company has party' is the wordplay.
'tv company' becomes 'sky'.
'has' is a charade indicator (letters next to each other).
'party' becomes 'lab' (abbreviation for Labour).
'sky'+'lab'='SKYLAB'
(Other definitions for skylab that I've seen before include "research unit once in orbit" , "Weather research centre that's out of this world" , "US space station launched in 1973" , "1970s' space station" , "with space to explore" .)