Weekend Update

Weekend Update is a Saturday Night Live sketch which comments on and parodies current events. It is the show's longest running recurring sketch, having been on since the show's first broadcast, and is typically presented in the middle of the show immediately after the first musical performance. One or two of the players is cast in the role of news anchor, presenting gag news items based on current events and acting as host(s) for occasional editorials, commentaries, or other performances by other cast members or guests. It is often credited with pioneering the fake news format that has since been adapted by many shows worldwide, such as The Daily Show and Canada's long-running This Hour Has 22 Minutes.
See more at Wikipedia.org...