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Looney Tunes is an American institution. Everybody and their mother—and likely their mother’s mother—knows who Bugs Bunny, Marvin the Martian, and Taz are. The franchise has been going strong for nearly a century, but recent events have resulted in their cache getting stuck in limbo. The heavily maligned cancellation of the Coyote vs. Acme flick and the bleak effect of LeBron James’ Space Jam sequel have left devotees wondering if there was even a place for these characters in the modern marketplace? Inherently, Looney Tunes is an animated franchise. However, the series has lost track of that in recent years,…