The comedic illustrated magazine was first published as Punch, or the London Charivari. This was in reference to Charivari, an illustrated satire magazine that ran from 1832-1937 and was very popular in Paris. The team that created this first version of Punch included founders Ebenezer Landells (1808-1860) and Henry Mayhew (1812-1887), a few shareholders, and a group of artists and journalists including William Makepeace Thackeray (1811-1863) and Richard Doyle (1824-1883). This first edition of Punch contained sections poking fun at topics such as Prince Albert (1819-1861), the Parliamentary election in Leeds, and the way that people vote. Punch was viewed as a radical publication at this time and, despite selling 6,000 copies a week, they did not sell enough to cover costs.
Sources:
https://victorianweb.org/periodicals/punch/pva44.html
https://www.biography.com/royalty/prince-albert