Are the Warners Looney Tunes?
Well, no. Officially, Animaniacs and Looney Tunes are separate franchises.
In-universe however...well...
In Animaniacs, there is already a character who's established to be an (ex?)Looney Tune in-universe, Slappy.
The Warners themselves debuted in Buddy cartoons in-universe.
Buddy in real life actually is an official Looney Tune, so if that's still the case in Animaniacs (and we have no real reason to assume it isn't) any characters who starred alongside him in his cartoons would be Looney Tunes too, right?
That's not even mentioning the fact that Slappy and the Warners are all kind of like Bugs Bunny (Yakko especially).
There's also the fact that Animaniacs literally shares a universe with Tiny Toons, which IS part of the Looney Tunes franchise (as a spin-off):
Ralph himself is actually from Tiny Toons, not Animaniacs!
(Mary Hartless and Mr Skullhead originated from Tiny Toons too.)
There's also the fact that Pinky, Elymra and the Brain exists, and although nowadays it's considered non-canon, back when it was new it seemed to function essentially as a sequel series/retooled Pinky and the Brain season 5.
Sometimes the Looney Tunes themselves will appear in Animaniacs too:
You could argue that doesn't mean much considering characters from a lot of Warner Bros stuff show up in Animaniacs because of the show's meta and satirical nature, but the Warners themselves sometimes appear in Looney Tunes stuff as well (in addition to their appearance in Tiny Toons Spring Break).
For example, in the Duck Dodgers episode "Pig Planet", these three characters, who are voiced by Rob Paulsen, Tress MacNeille and Jess Harnell, appear:
They have the exact same voices as the Warners, they're characterized as three chaotic kids, they have a similar naming convention (Porko, Puerco and Sow), they're dressed like the Warners (except for Porko), Puerco's tongue is hanging out like Wakko's and Porko even does Yakko's "Uhhhh" in the episode. I'm counting this as an actual appearance of the Warners. I get why people would say they're just meant to reference the Warners, nothing more, considering the Warners aren't pigs; but Yosemite Sam and Elmer Fudd aren't aliens, yet K'chutha Sa'am and The Fudd are considered basically just the Yosemite Sam and Elmer Fudd of Duck Dodgers. Perhaps alternate versions of the characters, sure, but still essentially those characters, and I see Porko, Puerco and Sow the same way in relation to the Warners.
And then there's the Warners' appearances in Space Jam: A New Legacy;
Not only is Dot's statue right next to one of Marvin the Martian, but during the game the Warners (and only the Warners) are sitting on Marvin's ship, which the Looney Tunes used to travel throughout the film. There's lots of space (heh) there, interesting that they chose to have the Warners be the only characters sitting on it.
There's a WB water tower in Tune World/Looney Tunes World (whichever one it's supposed to be, the movie uses both), which could be seen as just a cute meta reference to the fact that Warner Bros owns Looney Tunes, but here's the thing, the WB water tower doesn't resemble how it looks in real life, rather, it's designed after the one in Animaniacs! A lot of people already noticed this, but what I find interesting is that this is even consistent across games/comics/merchandise used to promote Space Jam: A New Legacy;
Keep in mind the first Space Jam exists in the world of Animaniacs (it's mentioned in its spin-off Pinky and the Brain, which IS canon unlike Pinky, Elmyra and the Brain). This likely means A New Legacy does as well. Also keep in mind we never see an "Animaniacs World" or anything like it in A New Legacy.
So since the WB water tower is coloured like the one from Animaniacs, and there seems to be no "Animaniacs World", it's safe to assume it is the one from Animaniacs, right?
If it's the one from Animaniacs, the Warners we see in the movie must live there.
If they live there, that means they live in Looney Tunes World.
If the Warners live in Looney Tunes World, doesn't that make them...Looney Tunes?
I know I'm probably looking too deep into this, no matter what Animaniacs is not part of the Looney Tunes franchise; but the two franchises are definitely connected, and given that Looney Tunes was a big inspiration for Animaniacs, I think that's cool.
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So some of my cousin's kids came over to visit, and they wanted to watch Bugs Bunny.
The only thing Bugs Bunny I had access to was Space Jam: A New Legacy.
It takes twenty seven minutes for Bugs Bunny to appear in this fucking movie.
Yeah, I can see why this was panned, the first thirty minutes is a Lebron James circlejerk and so far the Looney Tunes are completely auxilary to the plot.
It's a Lebron James Ready Player One with the Looney Tunes added for brand recognition.
They've left, so I'm not gonna finish this.
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