Cryptic crossword clue
I refer to a play that everyone can watch 4-2-3

The most common and most likely answer to this crossword clue is the 11 letter word FREE-TO-AIR

I've seen this crossword clue in Financial Times
F
R
E
E
-
T
O
-
A
I
R


Buddy explains!

The straight part
We know that "that everyone can watch" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case that everyone can watch = free-to-air.
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 FREE-TO-AIR mean?

FREE-TO-AIR adjective
  1. (of a television or radio broadcast) Transmitted without encryption.

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