The difference between "lulz" and this is that the lulz is trollish; this seeks to be taken seriously, and, horrifically, often takes itself seriously.
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.