It's The Onion Movie as the R1 people have heard of. R2 has changed the title to News Movie and designed the cover to look like a Friedberg/Seltzer (Date Movie, Epic Movie, Meet the Spartans, Disaster Movie) movie.
I think this is very funny because The Onion has a nice fan base. Friedberg and Seltzer... I personally have a bigger fan base than these two guys.