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“cut” is better - avoiding the repetition inherent in using a variant of the original word form, “Severance”, whilst both referencing the original word form, as a synonym, and utilising the usage of ‘cut’ as a common term for the cancellation of a TV show (which, hopefully, “Severance” has not been). Admittedly, using ‘cut’ requires a little more brainwork on the part of the reader; in recompense for the brainwork which went into the rationale of the writer. But thank you for your editorial suggestion. I hope you do not think I am ‘severing’ you short. See what I mean about repetition (rhetorical). /s