[supercat]

I suppose if Al wanted he could grant the original owner an interest in his parody, but Al doesn't legally NEED it any more than U-2 needed it from Roy Acuff Music.

If I remember right, in the case to which you refer, the parody song borrowed the familar d d f# a C F# E D riff of the original, but was melodically quite different. Courts have held in some other cases that a parody which rewrites words but not the melody (as is the case with Weird Al's) must obtain copyright clearance for the melody. A compulsory license is not sufficient--the license must be negotiated and the composer has the right to refuse (in which case the person doing the parody has to come up with original parodied music).

[HiTech RedNeck]

Well if this is so, you have answered your own original question. It would be the same issue as who gets the compulsory licensing royalties for the re-recording of any song with multiple copyright owners. If an ordinarily authored song has two copyright owners, they don't collectively get 16 cents a minute if a one-owner song gets 8 cents.