When typesetting a printed newspaper, the leading (pronounced like “ledding”) is the space between lines of text, originally physical strips of lead (Pb).

The lede (“leed”) is the most important statement in the story. The word comes from “lead” (also pronounced “leed”), because it's the statement that everything else should follow. It's conventionally spelt differently to avoid confusion with “leading”.

I believe you say it like "leed"

And how is lead pronounced? Like lede?