"The One and Only" broadcast; millions scoffed (4,4)
I believe the answer is:
soul mate
'the one' is the definition.
(both can mean someone's perfect romantic partner)
'only broadcast millions scoffed' is the wordplay.
'only' becomes 'sole' (synonyms).
'broadcast' indicates a 'sounds like' (homophone) clue (how the word might sound on the radio or TV).
'millions' becomes 'm' (abbreviation).
'scoffed' becomes 'ate' ('to scoff' is to eat).
'sole' is a homophone of 'soul'.
'soul'+'m'+'ate'='SOUL MATE'
'and' acts as a link.
(Other definitions for soul mate that I've seen before include "perfect partner" , "Person ideally suited to self, spiritual pal" , "Person sharing deep affinity" , "lover?" , "One ideally suited to another" .)