(The set is certainly fancier and more varied than in MST3K)
So, SchleFaZ aka Die schlechtesten Filme aller Zeiten aka The Worst Movies of all Time. It's the cash cow series for Tele 5, a small German niche channel. They air a lot of old stuff, newer stuff the bigger channels don't care about, more or less animu (it basically acted as a refuge for weebs back when RTL II's love for censorship overkill became a bit too autistic to stomach), and they interestingly enough seem to have a monopoly on every single Star Trek series.
Naturally if you're a small TV channel you sooner or later have to fill your slots with absolute trash, and in order to embiggen this trash they basically use SchleFaZ to act as an ironic framework around the movie.
The major difference between SchleFaZ and MST3K is that the hosts don't talk over the movies. There are frequent text commentaries, and you might occasionally get a small video screen of them faffing around on set, but aside from that the movie and its shittiness speaks for itself.
The actual host potions are at the start, end and after every commercial break. There's Wikipedia-level trivia about the movie's production and cast, replays of the "best" scenes from the last segment, and the hosts trying to make sense of the movie's plot (as far as they are able to follow it, anyways).
Since SchleFaZ airs after 11:00 PM they can also get away with a bit of "audience participation" in the form of a drinking game, complete with a customized cocktail for each movie. Can you even do that in the States?
The hosts are Oliver Kalkofe (aka the fat guy; usually the more laid-back of the two) and Peter Rütten (aka the other guy; tends to get more and more anger management issues as the movie progresses). Oliver's the bigger name here, with his most famous previous work being Kalkofe's Mattscheibe.
Another English Wikipedia page? That one says fuckall about the show, though. Basically he shows weird shit from German TV (more often than not from a talk show, home shopping channel or weird esoteric shit) and then parodies it.