The film was assembled from unused footage shot during the filming of Anchorman, making use of abandoned subplots, alternate takes and edited scenes. Featuring new voice-over narration, it follows a completely different plot arc that was cut from Anchorman, and was released straight to DVD on December 28, 2004 available on box sets and some editions of Anchorman.
The KVWN Channel Four News team, led by Ron Burgundy and Veronica Corningstone, investigate an extremist organization known as The Alarm Clock who are robbing banks while trying to convey a message they haven't figured out yet.
It was released in the United States and Canada in a gift set with Anchorman, and in the UK and Ireland both as part of a Will Ferrell boxset, and paired with the original film. Select DVD copies contain a copy of Ron Burgundy's journal titled "The Many Months of Ron Burgundy". It is also available on the deluxe "Rich Mahogany Edition" on Blu-ray.