The Naked News is exactly what you'd think it is judging from its name. As its tagline states, its "the program with nothing to hide". Fantastic.
A little more detail for the curious: There are both male and female versions of the show (guess which is more popular). There is absolutely nothing sexual about the show (um, apart from the nudity), which means its ok to call them anchors and not porn stars. AFAIK, the show began on the internet, and was for a time an interesting tidbit of Internet culture (see goatse, or don't). Feel free to msg me if I'm wrong about that.
The Naked News is currently available on The Comedy Channel in Australia, airing 11:30 PM every weeknight. The male show used to screen also, but was removed as a result of some nasty complaining, because penises are more offensive than vaginas?
The format of the show is pretty much standard now. It has its various segments (presented in tabloid style briefness) such as entertainment news, world news and so on. Each anchor usually starts fully clothed, or occassionally in a bikini, and proceeds to remove articles of clothing slowly as they read off the headlines. Once finished and very very naked, they tend to walk off into the distance to complete the picture. That's right boys and... boys. There's no masturbation, no rubbing, no toys, no nothing.
Picture attractive people keeping a straight face while saying things like "He said Mr Bush appeared obsessed with the idea of blaming former Iraqi leader Saddam Hussein." while tugging down underwear, and you've got the general idea, and probably the reason its on Comedy Channel and not Adults Only.
How odd, I forgot to mention that the URL for said website is, obviously enough, http://www.nakednews.com . I once 31337 hax0red my way in with user: naked, pass: news, but somehow I doubt that will still be functional.