I recall reading children's rhymes about the Teletubbies, but can't find any examples right now.

According to http://en.wikipedia.org/wiki/Teletubbies, one of the Teletubbies characters, Tinky Winky "has caused much controversy due to allegations that his character's behaviour, bag and body color have homosexual connotations."

-snip-
One of the people speaking out against Tinky Winky was "The Reverend Jerry Falwell, a former spokesman for America's Moral Majority, [who] denounced the BBC TV children's show. He says it does not provide a good role model for children because Tinky Winky is gay."
http://news.bbc.co.uk/2/hi/entertainment/276677.stm

**

But before the Teletubbies there was the rumour about "Sesame Street's" Ernie & Bert being gay.
http://muppet.wikia.com/wiki/Ernie_and_Bert's_Relationship


And before that there were rumours about Batman & Robin being gay.

And before that?

I guess this isn't anything new. Maybe it's just more explicit, like the records that leave very little left unsaid when previously they used coded words for sex.