The Pink Panther steps into the arena to fight the fierce bull known as El Toro in "Toro Pink", first broadcast on The New Pink Panther Show in April 1979 before being released to theatres. This was a partial remake of an earlier short, "Bully For Pink", while one gag was lifted from a Bugs Bunny cartoon.
Seems this was a popular trope. We've previously seen Porky Pig & Goofy in the bullfighting arena. Down the line, we'll see Bugs, Droopy and Heckle & Jeckle. For right now, here's "Toro Pink":
The odd thing is, the Little Man didn't appear in "Bully For Pink". Go figure.