Los Angeles - FunnyorDie.com, the comedy site backed by Will Ferrell that offers original video programming, has received an investment from Time Warner's (NYSE: TWX) HBO in exchange for a "small equity stake," Variety reports. The deal will also see FunnyorDie create 10 half-hours of programming for HBO, and the two partnering on live comedy tours and possibly FunnyorDie-branded programming on HBO channels.

Los Angeles - Comedy purveyors National Lampoon on Tuesday announced the launch of a new audio label, National Lampoon Records, that aims to release at least twelve titles per year, including at least six original and up to six acquired titles. "National Lampoon has a rich history in the audio space, starting with the National Lampoon Radio Hour back in the early '70s, and featuring Chevy Chase, John Belushi, Gilda Radner, and Bill Murray, along with the many other comedy geniuses of our time," said CEO Daniel Laikin. "National Lampoon has produced a number of Grammy nominated comedy albums and we look forward to building on that legacy."

Los Angeles - Digital media financing and syndication company 60Frames Entertainment announced on Wednesday the premiere of "Carbangers," a new original video sketch from comedy troupe The Kids in the Hall. The release, which features the group's entire original five-member cast, is the first since the Kids' 2002 "Tour of Duty" DVD, and coincides with their current North American tour.

Los Angeles - Improv comedy troupe the Groundlings has signed a one-year deal with Sony Pictures Television to create 50 digital shorts for the Web and mobile platforms, Variety reports. The Los Angeles-based group has fostered such comedians as Will Ferrell, Lisa Kudrow, Julia Sweeney and Paul "Pee-wee Herman" Reubens.

Boston - OurStage, an online competition for aspiring musicians, filmmakers and comedians, has raised $13 million in new financing from over 100 angel investors, Tech Confidential reported.

Los Angeles - Comedy producer National Lampoon announced on Monday that it has acquired the assets of Comedy Express, a multi-platform comedy media company, for an undisclosed sum. The broadband, mobile and TV comedy content features on Comedy Express will be integrated into National Lampoon's broad young adult distribution platforms, which it says reaches nearly one in four 18-24 year-old U.S. college students.

Los Angeles - Comedian Damon Wayans plans later this month to launch WayOutTV.com, a site that will feature videos produced by up-and-coming comedians chosen by Wayans himself, the Los Angeles Times reported. Wayans told the Times he would be directly involved in finding comedians and helping them write and produce their own content. "There's a lot of initial attempts at these sites, but no one has dominated like the way Comedy Central dominates cable," Tim Chang, a principal at Norwest Venture partners, who has been informally advising Wayans and has been looking at WayOutTV as a potential investment, told the Times.

You got to give it to David Letterman and the writers for this one - last night when CBS' (NYSE: CBS) "Late Night with David Letterman" returned on the air for the first time after being shut down by the WGA strike, Letterman had striking writers write their top ten demands for his popular "Top Ten" list. By the way, David Letterman'scored a 4.3 rating and 10 share for "Late Show" on Wednesday, which translates to 39 percent better than his pre-strike average. It is also worth noting that while the writers for Jay Leno's "Tonight" show on NBC (NYSE: GE) are still on strike, Letterman's production company (Worldwide Pants) struck a deal last week to bring his writers back to work. Here is the top ten list from last night:

New York - Time Warner's HBO and AOL will shutter their online comedy joint venture, "This Just In," in August, just six months after its launch, Variety reported.

San Francisco - Rooftop Media, a site that offers online stand-up and sketch comedy video and audio files, has raised $2.5 million in its first round of venture capital financing, led by Azure Capital Partners, VentureWire reported.