In the opening scene what sounds like a children's program is playing on the TV in the background is actually a raunchy sketch called "Koko the Klown Show" which is a segment from the movie The Groove Tube (1974) - an earlier film of actor Chevy Chase and director Ken Shapiro.
Chevy does a news segment and reuses the end gag of the news sketch where the newscast ends and the camera lingers for too long while the newscaster nervously attempts to do on-camera business