No that's not Photoshop. The Hollywood sign was turned into a silly joke overnight as New Year's pranksters changed it to the "HOLLYWeeD" sign. The change was pretty easy to fix (it's already back to normal, as you can see on the livecam), so no big deal, but someone could still get in trouble for it.
Los Angeles Police Sgt. Robert Payan told The Associated Press the black-clad suspected vandal, who was seen scaling the protective fence on security cameras, could face misdemeanor trespassing charges if caught. But hey, what are misdemeanor trespassing charges when weighed against the legendary experience of turning an iconic landmark into a dank meme?