Combination of "Corporate" and "Corrupt" to a pun.
In essence it's to be corrupt by ideology or design, and serve corporations regardless of ethics and consequences.
Examples: Fox News, Mitt Romney (R), and anyone supporting SOPA, PIPA, or NDAA.
Mitt Romney said "Corporations are people" with true conviction, therefore he is corporupt.
Fox News serves their corporate owners rather than their viewers, and is a fairly unbalanced corporupt propaganda machine.