Paramount originally intended for the film to be a limited release by Paramount Classics, their art-house division. Later, Chris Rock's involvement and the success of the somewhat similar Austin Powers movies convinced them it had box office potential, so they changed it to a wide release.
According to Louis C.K., the studio removed him and editor Doug Abel from the editing room. They were not allowed to have a final cut of the film.
According to Louis C.K., Paramount President John Goldwyn yelled at him, accused him of wasting Paramount's money, and called the film "unreleasable."