Traffic light acrostic for newspaper (3)
I believe the answer is:
rag
'newspaper' is the definition.
(rag is a kind of newspaper)
I cannot understand how the remainder of the clue works.
(Other definitions for rag that I've seen before include "Old music" , "students' excuse to misbehave?" , "Cloth for wiping" , "Piece of old cloth" , "you lose in temper?" .)