Renowned editor chasing new books (5)
I believe the answer is:
noted
'renowned' is the definition.
(I know that renowned can be written as noted)
'editor chasing new books' is the wordplay.
'editor' becomes 'ed' (abbreviation).
'chasing' is a charade indicator (letters next to each other) (some letters chase after others).
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'books' becomes 'OT' (Old Testament).
'n'+'ot'='not'
'ed' after 'not' is 'NOTED'.
(Other definitions for noted that I've seen before include "Illustrious" , "Wrote it down" , "Indicated" , "Observed or took account of" , "Remarked - famous" .)