Sonic CD v0.02 stream starting in 5 minutes, come and watch, it will be released after the stream is over! https://www.twitch.tv/hiddenpalace/
That Bugs Bunny cartoon is 1946's "The Big Snooze". Apparently Warner Bros. don't like it as much as they used to because there's a scene were Bugs takes sleeping pills. Not a good sell for the Mega-CD when you compare it to the real thing. Bugs is meant to cover the screen in "nightmare paint" but they didn't have enough colours!
I remember having a physical copy of Disney Adventures Magazine (October 1992) and looking through this page as a kid. Since then, it was an age old question of what that cityscape background was going to be used in. Same for the Sonic sprite until magazine scans of this demo started floating about. At long last, I can put this one to rest.