Periodical wit (5)
I believe the answer is:
comic
I believe this clue is a double definition.
'periodical' is the first definition.
'wit' is the second definition.
(thesaurus)
(Other definitions for comic that I've seen before include "Funny, laughable" , "Amusing, laughable" , "Professional joke-teller" , "Priceless" , "Children's publication" .)