Commonwealth Pictures was a motion picture company that primarily dealt with reissues of old features and shorts. In 1941, they purchased shorts and features from the Van Beuren Corporation, which used to handle short subjects in the 1930s for RKO. Some of these films from Van Beuren were reissued silent films purchased by Van Beuren. Rainbow Parade cartoons were part of this package as well. Commonwealth retitled the cartoons, removing the Van Beuren openings, and just going with a plain title card.
In the 1950s, Commonwealth released the Van Beuren material for television syndication. In 1969, the Commonwealth library was sold to the Teleprompter Corporation. In 1975, Blackhawk Films purchased the Teleprompter library, and today the Commonwealth library is in the hands of Film Preservation Associates.