Shabby Shakespearean fairy employed by school broadcast (4-5)
I believe the answer is:
moth-eaten
'shabby' is the definition.
(I know that shabby can be written as moth-eaten)
'shakespearean fairy employed by school broadcast' is the wordplay.
'shakespearean fairy' becomes 'Moth' (fairy in A Midsummer Night's Dream).
'employed by school broadcast' becomes 'eaten' (I can't justify this - if you can you should give a lot more credence to this answer).
'moth'+'eaten'='MOTH-EATEN'
Can you help me to learn more?
(Other definitions for moth-eaten that I've seen before include "Old and worn" , "Old, in bad condition" , "Falling to bits" , "Damaged by insects" , "Threadbare" .)