$w[$n++]=[(/./g)x99]while<DATA>;print$^O=~/Win/?`cls\n`
:`clear\n`,map{$l=$w[$_];$r=sqrt$_*(20-$_);shift@$l;my
@o;@o[$x=$r-$r*cos$_*.1,2*$r-$x]=@{$l}[$_,32-$_]for
1..16;$"x(15-$r),@o,$/}0..20 until select$f,$f,$f,.2
__DATA__
    ###### ####   ### ####  ##              ##
  ###  ###### ##   ######          ###################
 ##   #########    ####           #  ###  ##############
      ###########               # ## ####################
     #########                  #####  ################### #
      ##### #                  ####  ####################
       ## #                     ##########################
        #   #                ###############   ####  ####  #
         #   #              ##############     ###   ### # #
          ###                ############       #     ## #
         #####                  ########            # ##
         #######                #######             ##### ##
          #######               ###### #          ###########
          ######                 #### #           ##########
          #####                   ###                   ###   #
          ####                    ####                      ##
          ##
          #

################################################################

[download]

Well, not terribly (at all?) obfuscated, and a bit flickery in places. Oh, well.

edit: shortened a little

In reply to BBC2 logo by Jasper

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