The Last Page

Two and a half years as book editor at the Muppets opened my eyes: we live in the age of the licensed image. Before my sensitization, I admit I’d never reflected on the “source” of, say, the Mickey Mouse watch or Star Trek pajamas. Yet think about it—where does that stuff come from? At Mups, I found out. It came from down the hall, from the character licensing department.

Here’s how it works: a Muppets account manager grants an exclusive license to Colgate (or...