It's sensational and, with a bit of luck, free (5)
I believe the answer is:
lurid
'it's sensational' is the definition.
(similar in meaning)
'with a bit of luck free' is the wordplay.
'with' means one lot of letters go next to another.
'a bit of luck' becomes 'lu' (I can't justify this - if you can you should believe this answer much more).
'free' becomes 'rid' (synonyms).
'lu' next to 'rid' is 'LURID'.
'and' acts as a link.
Can you help me to learn more?
(Other definitions for lurid that I've seen before include "Vividly shocking" , "In vivid detail" , "Ghastly bright" , "Unpleasantly vivid in colour" , "Shocking, sensational" .)