The most common and most likely answer to this crossword clue is the 4 letter word PORN
I've seen this crossword clue in Financial Times
P
O
R
N
More clues leading to the result PORN
Buddy explains!
The straight part
We know that "Sleazy material" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case sleazy material = porn.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PORN mean?
PORN noun- Pornography.
- (chiefly in the plural) A pornographic work.
- Material, usually visual, presenting something desirable in a sensational manner.
- Material that provides illicit gratification of an obsessive or unhealthy interest in something.