All comedian Stephen Colbert wanted was a PAC to call his own. Unfortunately, it appeared that campaign finance law might get in his way. Amazingly, Colbert petitioned the FEC and won, allowing him to form his own Super PAC:
National Journal Also has a good explanation of what happened.
Even more surprising is that the victory may have very real implications for the cable news channels, and some of the politicians-turned pundits that appear on them.
Essentially, the ruling means that cable news pundits and hosts like Mike Huckabee and Sarah Palin can now discuss their PACs on their respective programs, or could even fund PACs directly, and not be subject to campaign finance laws. Talking Points Memo explains what it means for them.