Waterloo became "Waterloo Roll" (which to me sounds like some kind of sponge cake commemorating the 19th century battle)
This is all in aid of a moderately well-known brand of constipation medication, who want people to "rethink their approach to constipation and help them get back to regularity.”
My 2p's worth:
I think we all know TfL's broke, but these deals feel like they're getting almost beyond parody. Sponsorship of London's transport system(s) is now an unfortunate necessity, but perhaps something a bit more high-brow next time? It'd be a shame to reduce TfL/LU to a joke.
This really is a $hit campaign. If you're gonna change the name in a roundel at least have the product you're advertising next to the new roundel. That's before you even get onto the subject of potentially confusing passengers unfamiliar with the network.
TfL being a public company has a strict code of ethics around advertising, and associating with advertisers to this degree has the potential to open up a can of worms if something is missed from vetting the campaign, or the company concerned. One of the last big campaigns involved a video game and after some scratching of the surface, it was found that one of the developers of said game was embroiled in a sexual misconduct scandal. This upset stakeholders and is not a good look for TfL.
The same advert also features an NYC subway car covered in graffiti, which must go against the spirit of at least one company rule. Someone raised the point that something like this would never have been allowed to happen under Tim O'Toole's leadership.
Whilst I'm not against this kind of sponsorship, especially given the current financial constraints, these campaigns have to be pretty darn watertight to ensure they don't undermine TfL/LU policy.