America's Favorite Claymation Character Gumby Receives a Makeover, Courtesy of National Lampoon; National Lampoon and Premavision/Clokey Productions to Re-Record Audio Tracks of Classic Versions of ``Gumby'' Episodes

LOS ANGELES--(BUSINESS WIRE)--Aug. 25, 2005--In celebration of the series' 50th anniversary, National Lampoon, Inc. (AMEX:NLN), Premavision and Clokey Productions announced today plans to recraft the beloved "Gumby" TV series for a new generation.

The edgy, irreverent reinvention, called "Gumby: The Lost Tapes," will see National Lampoon create and produce all-new dialog (and, in some cases, music) tracks for the classic claymation series. "Gumby: The Lost Tapes" will offer an original take on the TV staple, updating the series' legendary characters -- Gumby, Pokey, the Blockheads, and, of course, Nopey -- and making "Gumby" more relevant to today's young adult audience.

The "new" versions of the classic series will appear on the National Lampoon Network, the largest in-dorm television network, reaching nearly 5,000,000 college students on 600 campuses nationwide, and on www.NationalLampoon.com, and then be packaged for sale on DVD and in other media.

Additionally, National Lampoon Network, has acquired rights to air the original "Gumby" episodes -- with its classic audio intact -- and will begin doing so as part of its soon-to-launch fall programming season.

"Like National Lampoon, Gumby has been a piece of Americana experienced by multiple generations," stated Douglas S. Bennett, National Lampoon President. "Think of this as `South Park' goes back to the 20th Century," he said.

About National Lampoon

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.

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