Time to absorb Times and Telegraph's first special edition (5)
I believe the answer is:
extra
'special edition' is the definition.
(thesaurus)
'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'.
'x'+'t'='xt'
'era' going around 'xt' is 'EXTRA'.
(Other definitions for extra that I've seen before include "Bye or wide, for example" , "on top" , "Auxiliary" , "not included" , "Additional - run - actor - newspaper edition" .)