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It could work in the short run but if everyone started to do a comedy news show then it could over-saturate the market similar to how every network has at least 2-3 late night or talk shows per evening.
One reason it worked out well for Comedy Central was because the network itself is themed around comedy and they gave the Daily Show years to develop its brand before adding the spin-off Colbert Show. They ended up having their "Left" and "Right" comedy shows both become satire of politics in general. When Fox News tried an attempt at a "comedy news show", it failed because it was too forced on making fun of Liberals or anyone Fox News didn't like.
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