National Lampoon Extends Frequency with Launch of National Lampoon Radio Network in 2006; All Comedy Radio Co-Founder Kent Emmons to Serve as Chairman/CEO of New Venture

LOS ANGELES--(BUSINESS WIRE)--May 2, 2005--Taking yet another step toward world domination, National Lampoon, Inc. (OTCBB:NLPN) has announced the January 2006 launch of National Lampoon Radio Network, a 24/7 ad supported radio network that will be distributed to major market FM stations nationwide along with a special programming channel for one of the satellite radio services. To achieve its long-term goals, the most widely recognized brand in comedy has teamed up with industry veteran Kent Emmons, the founder and former Chairman/CEO All Comedy Radio Networks, to serve as Chairman and CEO of the new venture.

Focusing on a core demographic of men 21-34, National Lampoon Radio Network will target major markets with a "comedic hot talk radio" format upon its debut in January 2006, with programming to originate from studios on both coasts. On its slate will be an East Coast morning drive show broadcast from New York, a West Coast morning drive show live from L.A., a politically flavored midday show, and an evening drive "guy talk" program. Prior to the full launch of the network will come individual shows such as "National Lampoon's Comedy Countdown," a two-hour weekend show scheduled to launch in July, 2005.

“National Lampoon has a great radio heritage with 'The National Lampoon Radio Hour,' which was the genesis for 'Saturday Night Live' and other great TV comedy”

"National Lampoon has a great radio heritage with 'The National Lampoon Radio Hour,' which was the genesis for 'Saturday Night Live' and other great TV comedy," explains Emmons, also indicating that the brand has more recently found success with "The National Lampoon Radio Hour," a weekend show hosted by comedian Richard Belzer, who also serves on the advisory board of the new broadcast company. Emmons also explains that in targeting a younger audience with primarily live programming, National Lampoon Radio Network will be different from All Comedy Radio, which primarily features pre-taped stand-up routines on the AM dial. Emmons adds, "I've had a long friendship and working relationship with the folks at National Lampoon. They are first-class guys, and I couldn't be more excited to be teaming up with them."

Stated Dan Laikin, CEO of National Lampoon: "Kent is one of those rare Hollywood guys who is not only creative, but knows how to run and build a solid business. Perhaps just as important, he has a sensibility and true appreciation of the art of comedy. Kent brings with him some of the biggest and most respected names and resources in the comedy business."

Emmons co-founded the "all comedy, all the time" radio network with partner Howard Levine in 2001, growing it since its inception to over 100 affiliates and two major market O&O's. Emmons and Levine previously formed Comedy World, the precursor of All Comedy Radio, and sold their interest to an internet venture fund in 2000. Prior to this, Emmons, who has and continues to hold interests in numerous radio stations and television and film production, began his career in the entertainment business at the age of 16 by booking bands at dances in the small farm town he grew up in. Before his radio and television career, Emmons managed and produced several Top 40 and country acts and served as CEO of Atlantis Entertainment, a division of Lowery Music, which was sold to Sony in the late 90's.

National Lampoon, Inc. is active in a broad array of entertainment segments, including feature films, television programming, interactive entertainment, home video, audio CDs and book publishing. The Company also owns interests in all major National Lampoon properties, including National Lampoon's Animal House, the National Lampoon Vacation series and National Lampoon's Van Wilder. The National Lampoon Network serves over 600 colleges and universities throughout the United States. The network reaches as many as 4.8 million students, or nearly one in four of all 18 to 24 year old college students. In addition, the Company operates a humor website, www.nationallampoon.com, on the Internet. The Company has four operating divisions: National Lampoon Network, Entertainment Division, Publishing Division and Licensing Division.

This press release contains forward-looking statements, which are based on the Company's current expectations, forecasts and assumptions. In some cases forward-looking statements may be identified by forward-looking words like "would," "intend," "hope," "will," "may," "should," "expect," "anticipate," "believe," "estimate," "predict," "continue," or similar words. Forward-looking statements involve risks and uncertainties which could cause actual outcomes and results to differ materially from the Company's expectations, forecasts and assumptions. These risks and uncertainties include risks and uncertainties not in the control of the Company, including, without limitation, the current economic climate in the United States and other risks and uncertainties, including those enumerated and described in the Company's filings with the Securities and Exchange Commission, whose filings are available on the SEC's website at Sec.com. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.