Space Jam/WMG

Had Jordan not been retired, the Tunes would have abducted Magic Johnson

 * Think about it- Magic Johnson had retired due to his HIV status but still stayed in playing shape. He would have been a natural plan B.

Looney Tunes: Back in Action is really a continuation of this movie
After the ending of Micheal winning the game after coming off a spaceship, the world finds out about the Toons. Soon the WB gets them to be Animated Actors to get them under thumb while the Toons get to be free to roam around and start bussinesses with their profits. The Acme Corporation was a real business and the effect of having the Toons come in changed their operating procedures. The CEO went mad after finding out he could squeeze out as much money as he could out of Wile E Coyote and soon wanted to rule the world. Bugs, as the most popular toon,.

This movie was right around the time the Looney Tunes characters started to resent having signed lifetime contracts with Warner Bros.
Hence some of the Biting the Hand Humor in a couple parts.

This movie is responsible for the Looney Tunes becoming civil, and creating The Looney Tunes Show
The characters all saw what real life was like, no getting hurt, no being shot at, save able progress through out their lives, so they moved up here and diversed. In othere words the Toons went mainstream.

Space Jam was just a really bizarre dream that Michael Jordan was having.
Gotta lay off on the Red Bull, man!

The Fat Albert takes place in the same universe as Space Jam.
Both have cartoon characters perfectly aware they're fictional characters, and their world where their shows/episodes take place exist in another dimension, separated from the real world. And the action going on in their world can be seen in the real world via TV. The troubled-teen-of-the-week mentioned being a guest star on Looney Tunes.