A misguided item!
Is this a magazine...or a tape? It's both. The ill-fated magazine FUSE appeared in 1999 or 2000 or so. It's gimmick was that every issue would come with a VHS tape bagged in there with it, so you'd get video content as well as a (not very thick) magazine. The whole thing was supposed to be about 6.99 or so, and appeared in video game retailers. (Remember, there used to be many retailers with brick/mortar stores. The internet also wasn't doing video very well at the time, with everything being mostly dial-up, so promising people video in that time would actually be a draw.
This is the first issue's tape "Sonic Adventure Live from Tokyo", which had some sort of crummy footage from a game show there. The rest is more low-low-budget 'tv' show style stuff & the tape itself is quite short. Most people were likely dissapointed at the lack of game play footage, close ups, or details revealed. The magaine/tape box bills itself as "The Video Game Magazine of the Future" for N64, Dreamcast & Play Station Gamers

It isn't a show completely about Sonic per-se, but it did feature him as the main selling point. The FUSE went for perhaps only 2 or 3 issues before being cancelled. Tapes were on the way out, big, clunky, expensive to enclose & slow to manufacture. It isn't any wonder that this idea folded, but it is interesting to look at.