Why is this on Comedy Central?

Because its a friggin joke!

Usapunk answered this one correctly already. It was a painful painful, very very oh so painfully a disaster of a joke.

"Life is like a movie. Only you can't Pick your Genre"

MTV can't net real ratings for their award shows so Viacom decided to air this and other of their award shows on all Viacom owned channels at the same time to guarantee somebody, anybody watches it.

When theres no more room in Hollywood, remakes shall walk the Earth.