Funny company host entertaining one (5)
I believe the answer is:
comic
'funny' is the definition.
(comic can mean funny or humorous)
'company host entertaining one' is the wordplay.
'company' becomes 'co' (abbreviation).
'host' becomes 'mc' (short for master of ceremonies).
'entertaining' is an insertion indicator.
'one' becomes 'i' (Roman numeral).
'mc' going around 'i' is 'mic'.
'co'+'mic'='COMIC'
(Other definitions for comic that I've seen before include "Funny, laughable" , "Funny (person, paper)" , "Priceless" , "Funny man, maybe stand-up" , "magazine for kids" .)