Larry Harmon, whose real name was Lawrence Weiss, played Bozo the Clown on a children's show which originated in on KTLA-TV in Los Angeles in 1959. Harmon purchased the rights to the clown and aggressively marketed the Bozo persona, and in so doing, he made Bozo the world's most famous clown throughout the 1960's and 1970's.
In addition to owning the licensing rights to Bozo, Harmon held marketing rights to the characters Laurel and Hardy. As far as we've been able to ascertain, Harmon never created cereals out of Laurel and Hardy.
Larry Harmon's Cereals: