Yes, a weird version of the 1986 Walt Disney Home Video logo, where the text is set against a moving rainbow background... Oh, and "HOME VIDEO" is chopped off, too! It's set to an instrumental take on the 'Mickey Mouse Club March', and we get to see it twice, too!
Like really, this is all kinds of bizarre right here. I'm not sure if this ever showed up anywhere else outside of Italy, though I'd doubt it. Nonetheless, a very cool find.