I used to work for a divsion of Warner Bros., and Looney Tunes is the company's DNA. Every division of WB has different cartoon mascot. My division had the Roadrunner.
It is insane that they would divest themselves of the property that is their very foundation. Its literally as devaststing to the company's image as if Disney sold off their animation division.
Its not even a prudent business move. Animation is more popular than ever, and WB's characters are as iconic as Disney's. Pixar has been struggling, now that all of their initial concepts have been fully realized. They are no longer the instant classics they once were. That leaves an opening for a good animation studio to fill. Instead of stepping up, and acepting the challenge, WB is slinking away.
Its pathetic, weak, and cowardly.