As FishbowlNY reported way back in May, Arianna Huffington is prepping a political satire site. It's now slated for debut in November, Radar reports. Huffington [above left, with Eat The Press editor and HuffPo resident Daily Show expert Rachel Sklar] hopes the site — which figures to have a Daily Show-inspired bent — will benefit from the immediacy of the Web, as well as a high profile backer:

Though the new site will arguably compete with CollegeHumor.com, which he recently acquired a controlling share in, [Barry] Diller is a partner in the venture.

Former Al Franken collaborator Ben Wikler will serve as its editor.