Track View > Dope Sheet > Specify a time block. > Time menu > Cut
Track View > Dope Sheet > Specify a time block. > Time: Dope Sheet toolbar > Cut Time button
Use Cut Time to delete a block of time from one or more tracks and place it in the clipboard. Before you can paste time in a track, you must have time in the clipboard. After specifying a block of time, place it in the clipboard with Cut Time or Copy Time.
To cut time from tracks:
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In Dope Sheet mode, highlight one or more item labels in the Controller window to specify tracks for time editing.
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Use Select Time to specify a block of time.
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Click Cut Time, or, from the Time menu, choose Cut Time.
The block of time is deleted from the selected tracks and stored in the time clipboard. Keys to the right of the deleted time move left.