Obscene enjoyment over king’s panic (4,4)
I believe the answer is:
blue funk
'panic' is the definition.
(I've seen this before)
'obscene enjoyment over king's' is the wordplay.
'obscene' becomes 'blue'.
'enjoyment' becomes 'fun' (I've seen this before).
'over' says to put letters next to each other.
'king' becomes 'k'.
'blue'+'fun'+'k'='BLUE FUNK'
(Other definitions for blue funk that I've seen before include "in which one has absolutely no confidence" , "Panic" .)