The president of QTTV is thrown out the window since the shows under his reign got nothing but bad ratings. So the executives decide that it is time to find a new president who understands entertainment. That's when they turn to Bugs Bunny. The network calls Bugs Bunny and asks him to be the new president. They also ask him how he came to be and that's when the special shows scenes from What's Up Doc?. Eventually, Bugs accepts the job.
