Shakespeare's theatre in the round? (5)
I believe the answer is:
globe
I believe this clue is a double definition.
'shakespeare's theatre' is the first definition.
(I've seen this before)
'the round?' is the second definition.
(I've seen this before)
'in' is the link.
(Other definitions for globe that I've seen before include "The round world" , "Planet Earth" , "Spherical shape" , "Spherical map" , "Orb, ball" .)