UK ban on parodies?

Someone wrote:
>
> [I]t is generally accepted that if someone attempted to release
> that parody of the Michael Jackson song (I forget who did it but
> it was called "Eat It") under current UK legislation, the composer
> of the original song would have been able to prevent its release
> because it was a derogotary treatment even if his publisher had
> granted a licence.

    Is that true? The end of parody (unless authorized by the parodee), at least in the UK? Say it ain't so, Father William!

• Eugene Volokh, UCLA Law <volokh[_at_]law.ucla.edu>