Wombat

Everyone knows about The Daily Show, and their comedy news format is really great. I like the opposite kind of comedy news show too though - the "fake news show", where they parody real issues by covering imaginary news stories that go a step or two further than reality. Examples from the past would be "The Day Today" and "Brass Eye", both British shows from the 90s created by Chris Morris.

The best fake news show right now is the Australian show CNNNN which is a wonderful style parody of CNN. Unfortunately if you don't live in Australia it's only available by downloading some bad quality MPEGs from dodgy Bit Torrent sites. I wish Comedy Central would pick it up.