1991 was not a good year for DIC.
The studio sold several series to the networks, including Pro-Stars & Wishkid to NBC and the abysmal, MC Hammer-endorsed Hammerman to ABC. They had taken over the rights to Alvin & the Chipmunks from Ruby-Spears and that series, now rechristened Chipmunks Go To The Movies, was finishing its run on Fox. All of those shows were gone at the end of the season, and so was Where's Waldo?, their adaptation of Martin Handford's children's books.
Waldo was a global phenomenon, known as Wally in the UK, for example, but the concept remained the same. The hero would be on different adventures, and the young readers were challenged to find him in a crowded area or some other contrivance. Townsend Coleman, who also worked on Pro-Stars, voiced Waldo.
Unfortunately, the only episodes available are of the British variety, hence he'll be known as Wally in this sample episode.
So, why did it fail here? CBS made the mistake of scheduling Where's Waldo? opposite NBC's top-rated Saved by the Bell. Ballgame over.