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Warner Bros Discovery Misses Revenue Estimates on Weakness in Studio Unit

FILE PHOTO: The exterior of the Warner Bros. Discovery Atlanta campus is pictured in Atlanta, Georgia, US May 2, 2023. REUTERS/Alyssa Pointer/File Photo/File Photo
FILE PHOTO: The exterior of the Warner Bros. Discovery Atlanta campus is pictured in Atlanta, Georgia, US May 2, 2023. REUTERS/Alyssa Pointer/File Photo/File Photo
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Warner Bros Discovery Misses Revenue Estimates on Weakness in Studio Unit

FILE PHOTO: The exterior of the Warner Bros. Discovery Atlanta campus is pictured in Atlanta, Georgia, US May 2, 2023. REUTERS/Alyssa Pointer/File Photo/File Photo
FILE PHOTO: The exterior of the Warner Bros. Discovery Atlanta campus is pictured in Atlanta, Georgia, US May 2, 2023. REUTERS/Alyssa Pointer/File Photo/File Photo

Warner Bros Discovery missed Wall Street estimates for third-quarter revenue on Thursday, as its studio business took a hit from fewer blockbuster releases.

With releases such as "Beetlejuice Beetlejuice" in the July-September quarter, Warner Bros Discovery's studio division has struggled to repeat last year's explosive success of Margot Robbie-starrer "Barbie", the highest grossing film of 2023.

However, its streaming segment added 7.2 million direct-to-consumer subscribers, beating estimates for 6.28 million additions, according to data compiled by Visible Alpha.

The company reported revenue of $9.62 billion for the three months ended September, compared with analysts' average estimate of $9.80 billion, according to data compiled by LSEG.

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Ed Sheeran Beats Copyright Appeal over ‘Thinking Out Loud’ Song

Singer Ed Sheeran performs on NBC's "Today" show at Rockefeller Center in New York, US, June 6, 2023. (Reuters)
Singer Ed Sheeran performs on NBC's "Today" show at Rockefeller Center in New York, US, June 6, 2023. (Reuters)
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Ed Sheeran Beats Copyright Appeal over ‘Thinking Out Loud’ Song

Singer Ed Sheeran performs on NBC's "Today" show at Rockefeller Center in New York, US, June 6, 2023. (Reuters)
Singer Ed Sheeran performs on NBC's "Today" show at Rockefeller Center in New York, US, June 6, 2023. (Reuters)

Ed Sheeran, his record label Warner Music and music publisher Sony Music Publishing persuaded a US appeals court on Friday to uphold a decision that his 2014 hit "Thinking Out Loud" did not illegally copy Marvin Gaye's 1973 classic "Let's Get It On."

The 2nd US Circuit Court of Appeals in Manhattan agreed with a lower-court judge's dismissal of a lawsuit from Structured Asset Sales, which owns rights to the Gaye song that previously belonged to co-writer Ed Townsend.

Structured Asset Sales' owner - investment banker David Pullman - said the company was reviewing all of its options after the decision.

A lawyer and spokespeople for Sheeran and the other defendants did not immediately respond to similar requests.

In May 2023, Sheeran defeated a separate copyright lawsuit by Townsend's heirs, who own a separate share of his interest in "Let's Get It On," in a closely watched jury trial.

SAS sued Sheeran in 2018. US District Judge Louis Stanton dismissed its case following the verdict in the heirs' case.

Stanton found that the musical elements Sheeran allegedly copied were too common to merit copyright protection.

The appeals court agreed, saying that protecting the elements could stifle creativity, and that Sheeran's and Gaye's songs were not similar enough for Sheeran's to have infringed on SAS' copyright.

It also rejected the argument that Stanton should have reviewed Gaye's actual recording, which according to Pullman included key elements that Sheeran copied, rather than focus on the song's sheet music deposited with the US Copyright Office.

SAS has filed another lawsuit against Sheeran based on its rights in Gaye's recording. That case is currently on hold.