Returned media executive, dismissed, retreated (6,3)

I believe the answer is:

backed out

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'retreated' is the definition.
('back out' can be a synonym of 'retreat')

'returned media executive dismissed' is the wordplay.
'returned' becomes 'back' (I've seen this before).
'media executive' becomes 'ed' (I can't explain this - if you can you should believe this answer much more).
'dismissed' becomes 'out' (dismissed in cricket).
'back'+'ed'+'out'='BACKED OUT'

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I've seen this clue in the Sydney Morning Herald.

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