Weekend Update is a Saturday Night Live sketch and satirical news program that comments on and parodies current events. It is the show's longest-running recurring sketch, having been on since the show's first broadcast, and is typically presented in the middle of the show immediately after the first musical performance. Historically, one or two of the players are cast in the role of news anchor, presenting gag news items based on current events and acting as hosts for occasional editorials, commentaries, or other performances by other cast members or guests. In modern times, dedicated anchors are chosen among writing staff, often lead writers, in lieu of cast or featured players. Chevy Chase has said that Weekend Update – which he started as anchor in 1975 – paved the way for comedic news shows like The Daily Show and The Colbert Report.[1]
[...] asked what he thought of Jon Stewart and Stephen Colbert, [Chase] took credit for their success. "[I] think that, you know, I started it with my Weekend Update," he responds, implying that the ideas for both The Daily Show and The Colbert Report came directly from WU.