Little Wizards uses a familiar trope of a young prince ousted from his kingdom by an evil tyrant, and now cobbles together a band to retake the throne. Unfortunately, since this show seems to be played mostly for laughs, viewers weren't interested.
Most episodes are available in foreign languages and thus cannot be used here. Thankfully, this intro is in English.
I cannot be certain of this, but ABC may have programmed this show opposite Marvel stablemate Fraggle Rock over on NBC, and that may have had a hand in the series' demise.