Saturday night was the annual White House Correspondents dinner and President Obama had the audience laughing out loud with his CNN joke and other jabs at the media and members of his cabinet.

Obama took to the podium with applause from the audience and joke about his rap music entrance. Obama told the members of the press in attendance that night his advisors suggested making a few jokes at his own expense and take himself sown a peg.

"They suggested that I should start with some jokes at my own expense, just take myself down a peg.  I was like, guys, after four and a half years, how many pegs are there left?" the president joked.

President Obama then led a no holds barred joke attack on the major news organizations like CNN, MSNBC and others.

One of the more harsh jokes of the night was at CNN's expense. Obama got a burst of hysterical laughter and applause when he made his CNN joke saying,

"And of course, the White House press corps is here.  I know CNN has taken some knocks lately, but the fact is I admire their commitment to cover all sides of a story, just in case one of them happens to be accurate."

The audience could not contain themselves at that one. Nobody was off limits to President Obama Saturday night. He even went after his former advisor David Axelrod saying,

"Some of my former advisors have switched over to the dark side.  For example, David Axelrod now works for MSNBC, which is a nice change of pace since MSNBC used to work for David Axelrod."

Once again the president had them rolling with laughter. Obama finished his media jokes by saying he respects what journalists do, but threw in one last jab for good measure.

"The fact is I really do respect the press.  I recognize that the press and I have different jobs to do.  My job is to be President; your job is to keep me humble. Frankly, I think I'm doing my job better. "

President Obama was followed by the comedic MC for the night, Conan O'Brien. But before O'Brien took the stage, the president took a shot at him saying,

"I understand that when the Correspondents' Association was considering Conan for this gig, they were faced with that age-old dilemma:  Do you offer it to him now, or wait for five years and then give it to Jimmy Fallon?"

The audience erupted with a chorus "oh" and laughter.

"That was a little harsh," Obama added. "I love Conan."

Conan O'Brien had them laughing during the White House Correspondents dinner, but following Obama's jokes about CNN was tough.

One of O'Brien's funnier moments was when he congratulated the President on his second term victory but said as a comedian he was "pulling for the rich guy whose horse danced in the Olympics."

Both President Obama and Conan O'Brien ended their speeches on serious notes, talking about the Boston bombings and offering their support to what O'Brien called a "great city."