A parody of 24-hour news sites like CNN and Fox News, the Onion News Network was launched earlier this week, brought to you by the same people behind the satirical weekly print product.

The site will stream original clips every week produced by a team of 15 new hires, reports paidContent.org. Viewers will also be encouraged to embed clips on their own websites, in hopes of expanding the audience.

The WSJ reports that Onion publishers invested $1 million in the video venture. The introduction of video is seen as a way for The Onion, created in 1998, to keep up with the competition.

Although the number of unique visitors to its website has increased 10 percent in the past year, the site attracts fewer visitors than video-heavy competitors such as Comedy Central, AOL Comedy and the National Lampoon’s network, according to comScore Media Metrix.

The Onion's website brought in $18 million in advertising revenue in 2006, according to TNS Media Intelligence.