The story
Shortly after The Jon Stewart Show was canceled, Stewart signed a production deal with Miramax to star in at least two films per year and develop his own projects. However, Stewart starred in only three films for Miramax and no projects were ever produced. After Stewart's success as host and producer of The Daily Show, Busboy Productions was revived. In 2002, he approached NBC to create a show in which Stephen Colbert would star. That show never got off the ground.
In 2005, Busboy Productions reached an agreement with Comedy Central to finance the production company. Comedy Central has a first-look agreement of any project. If Comedy Central passes on a project, Busboy is then free to shop them to other networks. More recently, Busboy and Apple received a first look deal.
From Wikipedia’s article on Busboy Productions, shared under CC BY-SA 4.0.4