There's nothing new about lulz. I mean, look at 4chan/b/, LiveJournal, Encyclopedia Dramatica, the 8chan boards, etc. What's new is Twitter blasting it to the masses. And various players figuring out how to automate and monetize.
What's new is that Twitter brought lulz to defenseless masses.
Lolz was not backed by a state, with specific geo-political goals.
Were "Mad Magazine", and then "The Realist" Soviet propaganda? They certainly satirized American culture, and promoted understanding and peace. And we know about other such Soviet efforts. The US made comparable efforts. The CIA promoted modernism. Voice of America was very seductive.