Looney ‘tudes

Brew reader Steve Flack sends this report from midtown Manhattan:

I was at Midtown Comics in New York City yesterday, buying my weekly comics, and they had a countertop display of pop culture refrigerator magnets. I was shocked when I saw this one (below), with the classic Looney Tunes Henery Hawk character.

Am I right in being confused as to how this passed the licensing department?