From a TVNewser tipster:

CNN piloted a comedy news show just after the ’84 election. It was called “The Last Laugh” and was hosted by Richard Belzer and PJ O’Rourke. It was shot in front of a live audience at Caroline’s Comedy club in NYC and had guests, Pat Schroeder, Morton Downey Jr., and Lou Dobbs. The show didn’t make the sked because Ted Turner decided CNN didn’t do comedy.