Does copyright protect characters from being used as a parody?

I read that parody is protected by law which is why there are X Rated films of Hollywood movies but after seeing a poster for that Winne the Pooh horror movie, why did they have to wait for the rights to go public?

I had this funny idea for a Hollywood movie about an Italian plumber who is stuck in a warehouse with a large turtle alien. Obviously a parody but would Nintendo be able to sue and get it shut down?

https://external-preview.redd.it/GmJW7xSW4owaeUKpSFnYXM__8p5yUcBJjuTfpCjsurw.png?auto=webp&s=3b60ee5953b1f955e32d6f8fa29a1f32c50676be

submitted by /u/Hexxegone
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source https://www.reddit.com/r/movies/comments/zygtiv/does_copyright_protect_characters_from_being_used/

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