Time to absorb Times and Telegraph's first special edition (5)
'special edition' is the definition.
'time to absorb times and telegraph's first' is the wordplay.
'time' becomes 'era' (I've seen this before**).
'to absorb' is an insertion indicator.
'times' becomes 'x' (multiplication sign).
'and' is a charade indicator (letters next to each other).
'first' says to take the initial letters.
The initial letter of 'telegraphs' is 't'.
'era' going around 'xt' is 'EXTRA'.
(Other definitions for extra that I've seen before include "Possibly a bad ball", "Bit actor in film", "non-standard item", "A bit on the side", "Supplemental".)