Purchase cheap newspaper during formal reception (8)
I believe the answer is:
leverage
'purchase' is the definition.
(I know that purchase can be written as leverage)
'cheap newspaper during formal reception' is the wordplay.
'cheap newspaper' becomes 'rag' (rag can mean a low-quality newspaper).
'during' is an insertion indicator.
'formal reception' becomes 'levee' (I've seen this in another clue).
'rag' placed into 'levee' is 'LEVERAGE'.
(Other definitions for leverage that I've seen before include "Power -- advantage" , "Power of achievement; (US) gearing" , "Power to act effectively" , "Strategic advantage; large Eve (anag.)" , "can achieve power" .)