There's also a strong tradition of this kind of thing in Britain (That Was The Week That Was, Brass Eye, Private Eye, 10 O'Clock News, etc.), and Canada (This Hour Has 22 Minutes is legendary, and has been running since 1993).
"The series was nominated and won numerous awards during its run including 10 BAFTA Television Awards, including one for editing in 1989, and even won two Emmy Awards in 1985 and 1986 in the Popular Arts Category."