Why does Disney not own Tokyo Disneyland?

Why does Disney not own Tokyo Disneyland? TOKYO DISNEY RESORT Instead, Oriental Land Company (OLC) owns and operates them and pays royalty and licensing fees to Walt Disney. While Disneyland Paris has had financial issues, Tokyo Disney has been a resounding success, both in the fees it brings Disney and for the owners of the park itself.

TOKYO DISNEY RESORT

Instead, Oriental Land Company (OLC) owns and operates them and pays royalty and licensing fees to Walt Disney. While Disneyland Paris has had financial issues, Tokyo Disney has been a resounding success, both in the fees it brings Disney and for the owners of the park itself.