1. What property rights are involved in the picture?
These are complex questions about who has property rights in the picture of Tiger Woods. Let's first start with the individual contract Tiger Woods and General Mills has. If Tiger Woods and General Mills agree that General Mills has complete property rights of the picture, then General Mills, for the most part has complete rights as negotiated by the contract between the two parties. Any violation from this contract would be a breach of contract and could lead Tiger Woods to sue General Mills. An example would be General Mills posting the picture in a negative way that could be perceived as a defamation of character by Tiger Woods.

For argument sake, let's say Tiger Woods gives General Mills full property rights for the picture. Ownership of these property rights belongs to General Mills. The property rights involved would be copyrights and trademark rights. It is copyright since it is an original piece of work. It is a trademark as since General Mills is using the product as a logo to attract consumers. It would fall underneath both property rights.
Another property right involved is the right of publicity, often called personality rights. This is the right of a person to control the commercial use of their name, image, likeness, or other aspects of their identity. This would apply to this situation since the individual is Tiger Woods and the brand using him is General Mills.

2. Who "owns" these rights?
Considering the rights to the information consisting of a picture of golf star Tiger Woods printed on a box of Wheaties cereal, or displayed on their website to promote their cereal, General Mills owns these rights. Since the law is clear that property rights exist in information, this information can essentially be owned. Being that ownership of information is a bundle of rights, it is evident that