Unfortunately, the reason for the article isn't that funny. The long running PBS children's program Reading Rainbow was recently canceled. It was the 3rd longest running show (26 years!) on PBS, after Sesame Street and Mr. Rogers. Sadly, not the station, nor PBS, nor the Corporation for Public Broadcasting wanted to pony up the funds necessary to renew the show's broadcast rights.
The only funny thing to come out of this debacle is this ridiculous article from The Onion. You can read it
here