This is NBC's spin-off to Saturday Night Live, it was produced following the exodus of the iconic first cast of SNL, as a similar live broadcast.
"Fridays" tanked, and this bit was primarily to blame. Near the end of the skit Michael Richards gets mad at Andy Kaufman's improvising and a fight breaks out. Later on it was revealed that Kaufman scripted the skit that way. But it made national news headlines.
Richards' character shows a lot of early "Kramer" behaviors which of course became a hit on "Seinfeld."
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