Parody is an original work of art BASED on someone else's work - it's not just making fun of an original work.
So South Park can parody Les Miserables by writing a piece that sounds like a Les Miz song and singing it in a Les Miz style, but they can't play the original song and have their characters talk about how terrible it is (or even how great it is), unless they license the song and pay royalties.
Incidentally, in Canada, one does not have the right to parody; in the USA it's a little murky but generally legal. This gets particularly funky in parody music, because the songwriter, the lyrics writer, and the arranger all have a vested interest.
So South Park can parody Les Miserables by writing a piece that sounds like a Les Miz song and singing it in a Les Miz style, but they can't play the original song and have their characters talk about how terrible it is (or even how great it is), unless they license the song and pay royalties.
Incidentally, in Canada, one does not have the right to parody; in the USA it's a little murky but generally legal. This gets particularly funky in parody music, because the songwriter, the lyrics writer, and the arranger all have a vested interest.

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