Yes, Princess Cruises is a wholly-owned subsidiary of Carnival Corporation & plc, the world's largest leisure travel company. While Princess operates as an independent brand with its own distinct identity, fleet, and "MedallionClass" service, it is part of a massive portfolio that includes Carnival Cruise Line, Holland America Line, and Cunard. This ownership began in 2003 after a complex merger between P&O Princess Cruises and Carnival Corporation. Being part of the Carnival family allows Princess to benefit from significant corporate resources, shared logistics, and vast purchasing power, while still maintaining its reputation for premium, destination-focused cruising that sets it apart from the more high-energy, "Fun Ship" atmosphere typically associated with the main Carnival Cruise Line brand.