The morphological process used to create the word airtime is compounding. Compounding is a process of combining two or more words to create a new word.
The word <em>airtime </em>is created by combining the words <em>air </em>and <em>time</em>. The meaning of this word is <em>the time during which a broadcast is being aired</em>. We can see that the meaning of the new word is derived from the meanings of the words that make it up.