[Illusion]

No, just take a look at the beginning of the kingdom hearts games when they open with all that trademark crap. Characters like Sora are owned by Square Enix, just as how all the disney stuff is owned by disney. Disney doesn't own Sora that's why you don't see them making merchandise off of him or use him for evil deeds, square does that.
Its sorta one of those partnership games, like Super Smash Bros or Professor Layton vs Phoenix Wright.
Plus how many people do you see at anime conventions dressed up as Disney characters? Possibly Alice in Wonderland but not much. :/