The last 443 feet (about 4 minutes, 56 seconds), which is the big musical finale, was filmed in Multicolor, is missing from surviving prints and is apparently lost.
This title was originally one of over 700 features included in the MGM feature film package which was initially sold to local television stations in 1956; however, there is no record of the film ever actually having been shown at that time, and later editions of the TV Key Book list it as "Withdrawn by MGM-TV; Bad Negative"; the same situation applies to Caught Short (1930) and The Rogue Song (1930). However, in the case of Good News, which was retitled Hip Hip Happy for its television presentations, in order to prevent confusion with Good News (1947), the entire film does indeed survive, but minus the Multicolor finale, and has thus been occasionally shown on TCM.
There is conflicting information for the original (1927) song credits. Some references list music by Ray Henderson; lyrics by Buddy G. DeSylva and Lew Brown. However, sheet music published in connection with that show, and the 1947 movie list all three for music and lyrics. The on-screen credits also lists all three for music and lyrics.
The original musical comedy opened in New York on 6 September 1927 and had 551 performances. The opening night cast included Gus Shy and Mary Lawlor, both of whom originated their movie roles in the play, and Inez Courtney as Babe and John Sheehan as Pooch. The 1975 revival starred Alice Faye as Professor Kenyon.
The on-screen credit for Nacio Herb Brown, Arthur Freed, Felix E. Feist, George Ward and Reggie Montgomery was for "interpolations", which meant song insertions at the time the movie was released. However, no song by Felix E. Feist was heard.