CONAN COMING TO TBS - VERY FUNNY!

Conan O'Brien will be returning to late night on TBS.

Though Conan had been in serious negotiations with FOX, that deal, according to The Wrap, came with limitations -- "less money, no guarantee of wide affiliate clearances and little chance for O'Brien to own his own show."

The deal with TBS allows Conan to own his own show and also gives him an eight-figure compensation package. Conan's one-hour show will air at 11 p.m., bumping George Lopez to midnight, starting in November.

Conan said, "In three months I've gone from network television to Twitter to performing live in theaters, and now I'm headed to basic cable. My plan is working perfectly."