Is Colbert's "presidential campaign" breaking FEC laws?

Col-BUSTED? Comedian Truth-to-power-speaker Stephen Colbert is trying to get his name listed on the presidential ballot in his home state of South Carolina. Radar reports that if he succeeds, the existence of his television show, and the airtime Colbert gets on it as host, would amount to a violation of FEC laws.

Link. (thanks, David Cho)