There is a TV on in the background, broadcasting what appears to be a newsmagazine; in the foreground, a rumpled bed. Lois Lane, also in the background, is providing a commentary on the TV show.
The TV voice (Pete Ross) is in a jagged speech balloon, to indicate an electronic quality. Lois's balloon is round, to indicate naturalness, prominence, and a privileged perspective.
Lois is on the bed. Her address has gone from 'us', when she finishes Lex's sentence ironically, to Lex directly (telling him to shut up).
Another voice enters the story. A reporter (yep, Clark Kent) is also offering commentary on Lex and Pete's words, but this commentary is from inside the TV.
Lois sits up. She hasn't recognized Clark's voice, but she responds to Lex's mention of him.
The "camera" represented by the television image has now gone through four edits, back and forth between the two talking heads, which remain stable. The "camera" of the "real" image remains stable, while the character has been roaming around.
The TV 'camera' has changed. Lex Luthor is now speaking.
Lois, now in the very close foreground, and now wearing her skirt, continues her commentary. More time has passed for her than the TV characters (Lex is responding directly to Pete's immediately preceding utterance).
The character in the 'real' scene, is only a body part; the characters on TV are talking heads.
This series of images is fairly representative of the cross-referencing, polylogical way contemporary documents function. The source is a recent Superman comic, but it features TV conventions, and the composition techniques are borrowed from the movies.