The film tells the tragic story of National Lampoon co-founder Doug Kenney, reported The Wrap.
Will Forte is cast as Kenney, who was the editor of the Harvard Lampoon before he helped create the popular humour magazine National Lampoon.
David Wain is directing from a script by Michael Colton and John Aboud, based on the book by Josh Karp.
Radner was Kenney's friend who performed on National Lampoon radio and went on to star on "Saturday Night Live.