The video is a satire of Variety‘s semi-impenetrable Slanguage, including new definitions for Geek Meat (n., "a movie that’s based on a video game") and Ben Silvermandering (v., "when a studio executive doesn’t show up for work because he’s too busy partying"). Watch the whole thing to see how they rename the Oxygen Network. (Warning: Language NSFW.)
Of course, most of the satire’s bite is mitigated by the fact that Variety is proudly hosting the video on its own site. Allowing one’s targets to feel like they’re in on the joke out of a spirit of generosity and/or fear? Call that SNLing.