1. A Photo Cut: This refers to a photograph that has been cropped and resized to fit a specific space in the newspaper layout. The editors "cut" the photo down to the desired size and shape.
2. A Text Cut: This refers to a shortening of a story or article to fit the available space in the newspaper. The editors might "cut" the story by removing paragraphs, sentences, or even whole sections.
In both cases, the word "cut" implies a reduction in size or content to make it fit the newspaper's design and layout.