Tabloid bait regularly producing cover story (5)
I believe the answer is:
alibi
'cover story' is the definition.
'tabloid bait regularly' is the wordplay.
'regularly' means one should take alternating letters (regularly take one letter, leave next etc.).
'tabloid'+'bait'='tabloidbait'
The alternate letters of 'tabloidbait' are 'ALIBI'.
'producing' acts as a link.
(Other definitions for alibi that I've seen before include "Defence of being elsewhere at time of crime" , "Timely excuse" , "Defence against charge - was seen elsewhere" , "it may help you to get off" , "Proof of absence" .)