Insiders at the Federal Communications Commission (FCC) say the agency is probing claims that CNN, MSNBC and network news operations routinely hype interviews, reports and talk shows they know are losers, while top executives privately watch reruns on Nickelodeon, or go out to Red Lobster with the family.

“Much like the SEC investigation into corporate execs who made rosy projections while privately selling off millions in stock, this probe seeks to determine if news editors and producers know that some of their on-air material will be a waste of viewers’ time,” according to the unnamed source. “Clearly, for instance, MSNBC knew that the new Donahue show was a dog, but they continued to promote it like it was the next Bill O’Reilly or something. But that’s just the tip of the iceberg.”

They’ve got those guys dead to rights. I hope they throw away the key.