Stage made-up story dismissed by newspapers (4)
I believe the answer is:
dais
'stage' is the definition.
(type of platform or stage)
'made-up story dismissed by newspapers' is the wordplay.
'made-up story' becomes 'lie' (I've seen this in another clue).
'dismissed by' is a deletion indicator.
'newspapers' becomes 'dailies' (daily is a kind of newspaper).
'dailies' with 'lie' removed is 'DAIS'.
(Other definitions for dais that I've seen before include "support for speaker" , "stand" , "Said to be a low platform" , "Low platform at end of hall" , "Raised floor" .)