The short version (of a story). So-named due to a producer's desire (not always realized) to remove an indulgent director's unnecessary and annoying backstory and setup (aka 'fat'), in particular to decrease running time for the sake of increasing the number of screenings per day.
Johnny: So, it was just after 6, and we hadn't even gotten out of the house yet, since Jane wanted to catch the end of "So you think you can dance..."
Jim: Hey, can you skip to the good parts? Just give us the producer's cut, please.