Prize fight consumed by publicity (5)
I believe the answer is:
award
'prize' is the definition.
(I know that prize can be written as award)
'fight consumed by publicity' is the wordplay.
'fight' becomes 'war' (warring is a kind of fighting).
'consumed by' is an insertion indicator (inserted letters get consumed).
'publicity' becomes 'ad' (short for advertisement).
'war' put into 'ad' is 'AWARD'.
(Other definitions for award that I've seen before include "Honour, prize" , "Grant made by a court of law" , "Official prize in a draw" , "medal, perhaps" , "Grant - prize" .)