The most common and most likely answer to this crossword clue is the 8 letter word LIVEBLOG
I've seen this crossword clue in Financial Times
L
I
V
E
B
L
O
G
Buddy explains!
The straight part
We know that "contemporary journalism" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case contemporary journalism = liveblog.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does LIVEBLOG mean?
LIVEBLOG noun- A blog that gives up-to-date information about a progressing current event.
- To keep track of a current event in real-time online using a blog or other website.