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☆ Jack Daniel's maker Brown-Forman reports lagging whiskey sales, narrower profit
▼ + stars: | 2023-08-30 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Jack Daniel's maker Brown-Forman on Wednesday fell short of Wall Street expectations for its first quarter of fiscal 2024, plagued by lagging whiskey sales, supply challenges and a significant inventory rebuild. Net sales for whiskey products decreased by 1%, led by the brands Woodford Reserve and Gentleman Jack. Sales for Jack Daniel's Tennessee Whiskey were flat, the company said, due to lower distributor inventories across the United States. Its New Mix RTD beverages delivered strong net sales growth of 52%, while its el Jimador tequila brand saw net sales grow by 27%. Reported advertising expense grew 19%, driven by the launch of its Jack Daniel's & Coca-Cola RTD item, increased investment in Jack Daniel's Tennessee Whiskey, and acquisitions.

Persons: Jack Daniel's, Brown, Forman, Jack, Jack Daniel's Tennessee, Lawson Whiting, Whiting, —, Robert Hum Organizations: Woodford Reserve, Jack Daniel's Tennessee Whiskey Locations: United States, Kentucky, U.S

Beneath the trimmed flower is a tray collecting shake, cannabis flower that has naturally broken down through handling. Marijuana is currently a Schedule I drug under the Controlled Substances Act, meaning it's deemed to have no currently accepted medical use and a high potential for abuse. The news sent shares of several cannabis companies, including Canopy Growth , Tilray Brands and Cronos Group , jumping Wednesday. "Certainly, moving cannabis off of Schedule 1 is the right decision and long overdue," Rea said in a statement. "Though a full descheduling would be preferred and likely most appropriate for cannabis, we welcome smart decisions and progress towards full legalization and regulation in the legal cannabis industry."

Persons: James Romano, Patrick Rea, Rea Organizations: U.S . Department of Health, Human Services, Drug, Administration, CNBC, Wednesday, Marijuana, Tilray Brands, Cronos, Bloomberg, HHS, DEA, Poseidon Garden Ventures Locations: Medway, U.S

☆ Eminem tells GOP presidential hopeful Vivek Ramaswamy to stop rapping his music
▼ + stars: | 2023-08-29 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

Rapper Eminem has demanded Vivek Ramaswamy stop using his music on the campaign trail — and the Republican presidential candidate looks ready to let the issue go. In a cease-and-desist order sent to Ramaswamy's lawyer on Aug. 23, music publisher BMI said Eminem took issue with the use of his music during Ramaswamy's campaign events. In response, the Ramaswamy campaign signaled the GOP hopeful will not perform the song again. To the American people's chagrin, we will have to leave the rapping to the real slim shady," a spokesperson for the Ramaswamy campaign told NBC News. Many politicians have been sent similar cease-and-desist orders in past election cycles over their campaign song choices.

Persons: Eminem, Vivek Ramaswamy, BMI, Ramaswamy, Eminem's, Marshall B, Mathers, III, Vivek, Donald Trump, Adele, Pharrell Williams Organizations: Roll Hall, Microsoft Theater, Republican, Fair, BMI, NBC News, Daily Mail, GOP, NBC Locations: Los Angeles

☆ These four trends are shaping the gun industry
▼ + stars: | 2023-08-27 | by ( Stefan Sykes | ) www.cnbc.com time to read: +7 min

Here are four trends that are shaping the gun industry today:Market normalizationSeveral companies in the gun market are slowing down production and slashing prices as they combat material cost increases and waning demand for their weapons. Gun sales typically see a spike during presidential elections, Dionisio added. Investors in Biofire include venture capitalist Ron Conway and Peter Thiel's Founders Fund Biofire's smart gun comes as gun manufacturers increasingly look for different materials and technologies to make their products more appealing to consumers. "Smart guns can ensure that guns are accessible by their owners and no one else," said Nick Suplina, senior vice president for law and policy at Everytown, who has tested Biofire's smart gun. First-time gun purchasers during the pandemic, according to the study, were younger than previous, pre-pandemic U.S. gun owners.

Persons: Spencer Platt, Smith, Sturm, NSSF, Rommel Dionisio, Mark Smith, Christopher J, Killoy, Capital's Dionisio, Dionisio, Kai Kloepfer, Kloepfer, Biofire, they'll, Ron Conway, Peter Thiel's, Mark Oliva, Oliva, Nick Suplina, Matthew Miller, NORC, NSSF's Oliva Organizations: Getty, Wesson, Ruger, Company, Smith, Shooting Sports, Aegis Capital, CNBC, Smith & Wesson, Ruger & Company, Fund, Shooting Sports Foundation, Gun Safety, University of Chicago, America Locations: Monroe , Pennsylvania, U.S, Biofire, it's

☆ Juul to cut 30% of its workforce in bid to cut costs and boost profitability
▼ + stars: | 2023-08-23 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Juul Labs signage is seen in the window of a store in San Francisco, June 25, 2019. Juul Labs said Wednesday it's planning to cut about 30% of its workforce as it looks to cut costs and boost profits. The layoffs will affect about 250 people, reducing the company's headcount to about 650, a company spokesperson said. This will reduce operating expenses by $225 million, the Juul spokesperson added. In response to the suit, a Juul spokesperson told CNBC, "We stand behind our intellectual property and will continue to pursue our infringement claims."

Persons: Juul Organizations: Juul Labs, Juul, Food and Drug Administration, Marlboro, Altria, NJOY, CNBC Locations: San Francisco, Juul

☆ Altria Group sues Juul over e-vapor patent infringement
▼ + stars: | 2023-08-22 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

Marlboro maker Altria Group said Tuesday its subsidiary NJOY has sued Juul Labs — the e-cigarette company it once held significant stake in — over patent infringement of certain e-vapor products. Altria has called for a ban on the importation and sale of these Juul products. Altria bought full global ownership of NJOY's e-vapor product portfolio in June for approximately $2.75 billion. The deal included the product NJOY ACE, the only pod-based vape with market authorizations from the U.S. Food and Drug Administration. In addition to the lawsuit filed with the ITC, Altria filed a similar suit against Juul in the U.S. District Court for the District of Delaware.

Persons: NJOY, Altria, Murray Garnick Organizations: Altria, Juul Labs, U.S . International Trade Commission, NJOY, ITC, U.S . Food, Drug Administration, CNBC, Juul, District of Locations: New York, Marlboro, U.S, District of Delaware

☆ Tilray is buying beverage brands from Molson Coors, Anheuser-Busch as cannabis industry struggles
▼ + stars: | 2023-08-21 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Tilray Brands is expanding its footprint in alcoholic and cannabis beverages, buying up brands from Molson Coors and Anheuser-Busch as legal restrictions hamper the marijuana industry. The major cannabis company announced Friday it will acquire the remaining 57.5% equity ownership of cannabis-infused drinks maker Truss Beverage from Molson Coors Canada. Tilray announced earlier this month that it would acquire eight beer and beverage brands from Anheuser-Busch for $85 million. The company also specializes in beverage and wellness products, and has become the fifth largest craft beer company in the U.S. Blair MacNeil, the president of Tilray Canada, said the acquisition will "further diversify our product offerings while broadening our consumer reach."

Persons: Tilray, Blair MacNeil Organizations: Aphria Inc, Tilray, Molson Coors, Anheuser, Busch, Beverage, Molson Coors Canada, U.S Locations: Leamington , Ontario, Canada, U.S, Tilray, Tilray Canada

☆ Aldi to acquire Winn-Dixie and Harveys Supermarket stores in Southern expansion
▼ + stars: | 2023-08-16 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Supermarket chain Aldi plans to acquire hundreds of Winn-Dixie and Harveys Supermarket locations across the Southern U.S. in a deal that will expand the fast-growing grocer's presence across the region. Germany-based Aldi said in a news release Wednesday that it will take over operations of all Winn-Dixie and Harveys Supermarket locations — about 400 stores — in Florida, Alabama, Georgia, Louisiana and Mississippi. Some locations will be converted to Aldi stores after the acquisition, while others will continue operating as Winn-Dixie and Harveys Supermarket grocery stores, according to the release. Nationwide, the company plans to add 120 new stores to reach a total of more than 2,400 stores by year-end. The sale of the Winn-Dixie and Harveys Supermarket locations is a part of a larger divestiture by Southeastern Grocers, the chains' parent company.

Persons: Aldi, Jason Hart, Winn, Anthony Hucker Organizations: Dixie, Southern, Winn, Aldi, Harveys Supermarket, Nationwide, Southeastern Grocers, ALDI Locations: Winn, Southern U.S, Germany, Florida , Alabama, Georgia, Louisiana, Mississippi, United States, Florida

☆ Poseidon Dynamic Cannabis ETF to close as investors lose interest in marijuana industry
▼ + stars: | 2023-08-15 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

A leading exchange-traded fund in the cannabis space will close up shop as investor interest in the legally restricted industry wanes. AdvisorShares, the largest cannabis fund manager, said its Poseidon Dynamic Cannabis ETF will see its final day of trading Aug. 25. The closure comes as investors lose interest in the quasi-legal cannabis industry that has struggled to scale. Meanwhile, Pure US Cannabis ETF , another fund in the industry by AdvisorShares, plummeted about 60% during the same period. Mastercard, in a move that further alienates the cannabis industry from big banking, announced last month it will stop allowing cannabis transactions on its debit cards to be in compliance with federal law.

Persons: Emily, Morgan Paxhia Organizations: Florida Supreme, New York Stock Exchange, CNBC, Poseidon Investment Management, US Cannabis ETF, AdvisorShares, Cresco Labs, Columbia Care, Mastercard Locations: Florida, U.S

☆ Cannabis companies Cresco, Columbia Care call off $2 billion merger as industry awaits banking reform
▼ + stars: | 2023-07-31 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

A worker trims leaves of young cannabis plants in a greenhouse at a Cresco Labs Inc. facility in Indiantown, Florida, U.S., on Monday, March 28, 2022. A $2 billion mega-deal between cannabis multistate operators Cresco Labs and Columbia Care has gone up in smoke more than a year after the companies announced the acquisition, the companies said Monday. "In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders," Cresco CEO Charles Bachtell said in a statement. Columbia Care has a market cap of about $200 million. Columbia Care CEO and co-founder Nicholas Vita added that after careful consideration, the decision to remain solo is "the best path forward for Columbia Care's employees, customers, and shareholders."

Persons: weathers, Charles Bachtell, Bachtell, Nicholas Vita, Sean, Diddy, Combs Organizations: Labs Inc, Cresco Labs, Columbia Care, Columbia Locations: Indiantown , Florida, U.S, Chicago, New York, New York , Massachusetts, Illinois

☆ Bud Light maker Anheuser-Busch to lay off hundreds of corporate staff
▼ + stars: | 2023-07-27 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

An employee adjusts bottles of Bud Light beer at an Anheuser-Busch InBev facility in Virginia, Aug. 8, 2018. Beverage giant Anheuser-Busch InBev announced it will lay off hundreds of corporate employees as sales of its flagship lager Bud Light falter. Bud Light sales have sagged following a conservative boycott over its March Madness partnership with transgender social media influencer Dylan Mulvaney. Bud Light had 7% market share during that same period, the data found. The firm also found Bud Light sales dropped 28% for the week ending June 24 when compared with the same period last year.

Persons: Bud Light, Busch, Brendan Whitworth, Bud, influencer Dylan Mulvaney, Mulvaney, Bump Williams, Ron DeSantis, DeSantis, Bud Light's, —, Kevin Breuninger Organizations: Anheuser, Busch InBev, Beverage, CNBC, Busch, Constellation Brands, Modelo, Bud Light, Florida Gov, State Board of Administration, Mulvaney Locations: Virginia, U.S, Florida

☆ Tilray stock surges after cannabis company improves bottom line
▼ + stars: | 2023-07-26 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

Shares Tilray Brands spiked Wednesday after the Canadian cannabis producer reported a narrower loss for its fiscal fourth quarter than a year ago and a solid revenue beat. The stock opened nearly 20% higher Wednesday at just under $2 per share. Analysts polled by Refinitiv, however, expected a loss per share of just 5 cents per share. Meanwhile, revenue increased a record 20% to $184.2 million in the period, up from $153.3 million in the prior-year quarter. That came in above analysts' expectations of $154 million, according to Refinitiv.

Persons: Tilray, Refinitiv Organizations: Brands Locations: Canadian, U.S

☆ Celebrities are flooding the market with liquor brands — and some are faring better than others
▼ + stars: | 2023-07-21 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

As more drinkers seek out luxury spirits, a growing number of celebrities are using their star power, and cash, to elevate premium liquor brands. Volume sales of spirits brands at the top end of the distilled spirits market increased 4% last year from the year before, according to the Distilled Spirits Council of the United States. "But certainly, the increased consumer interest in great distilled spirits has excitedly generated a lot of celebrity engagement and enthusiasm in recent years." DISCUS tracks celebrity-affiliated brands and said it has counted several dozen on market. Wahlberg joined the team last year with an ownership stake, and since then, "sales have gone up exponentially," Marquez said.

Persons: Chris Swonger, Swonger, Mark Wahlberg, Aron Marquez, wouldn't, Mark, Marquez, Abraham Ancer, Wahlberg, He's Organizations: Consumers, CNBC Locations: United States, American, Canada

Ron DeSantis has told his government to investigate whether Bud Light's parent company breached its duties to shareholders as a conservative backlash continues to rage over the beer brand's deal with transgender social media influencer Dylan Mulvaney. Shares of AB InBev are down about 2% this year, while the broader market is up. Sales of Bud Light have plummeted in the wake of conservative uproar and a boycott over the Mulvaney partnership. The firm also found Bud Light sales are down by about 25% from last year. Mulvaney has criticized Bud Light for not standing by her during the boycott.

Persons: Ron DeSantis, Bud Light's, influencer Dylan Mulvaney, DeSantis, Lamar Taylor, Bud Light, Bump, Bud, there's, Florida's, Disney, Donald Trump's, Taylor, Mulvaney, I've Organizations: Florida, United, Israel Summit, Crystal Gateway Marriott, Florida Gov, Republican, State Board of Administration, SBA's, InBev, Constellation Brands, Especial, Anheuser, Busch InBev, CNBC, Fox, Disney, Trump, GOP, NBC Locations: Arlington , Virginia, U.S, Florida

☆ AMC drops plan to charge more for better seats at the movies
▼ + stars: | 2023-07-20 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

AMC Entertainment dropped its plans to charge customers variable prices for movie theater seats. The company announced its "Sightline" pricing strategy in February and tested it out at select locations in three U.S. markets. The program charged moviegoers more for the best theater seats, or "Preferred Sightline" seats. Preferred Sightline seats included select locations in the middle of the auditorium that are preferred by some moviegoers, whereas Value Sightline seats were those typically located in the front row. The company said it also found that most moviegoers continued to choose the seats they preferred, even at higher prices.

Persons: Oppenheimer Organizations: AMC Entertainment, CNBC, AMC Locations: United States

☆ Flavored e-cigarette sales are booming despite federal crackdown
▼ + stars: | 2023-06-22 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

Flavored e-cigarettes represented 41.3% of U.S. retail-store e-cigarette unit sales in December 2022, up from 29.2% in January 2020, the organizations found. Overall e-cigarette sales in the U.S. rose about 47% in the period. The spike in sales comes despite a federal crackdown that placed more restrictions on the flavors and marketing for tobacco products. From January 2022 to December 2022, disposable e-cigarette unit share increased from 24.7% to 51.8% of total unit sales. Last year, the FDA ordered Elf Bar and Breeze Smoke off the U.S. market, according to the CDC report.

Persons: JUUL, Deirdre Lawrence Kittner, Robin Koval Organizations: Centers for Disease Control, CDC Foundation, Truth, FDA, Elf, CDC Locations: New York City, U.S

☆ Boycotts rarely work — but anti-LGBTQ+ backlash is forcing companies into tough choices
▼ + stars: | 2023-06-22 | by ( Stefan Sykes | ) www.cnbc.com time to read: +11 min

For companies like Target and Disney, it is unclear if boycotts will hit sales. The company said it has not changed any policy on decorations and is encouraging stores to celebrate Pride Month. Despite the mounting headlines and sustained criticism of Bud Light, corporate boycotts are "overstated," and those offended by campaigns tied to Pride Month are in the "minority," Ellis said. Bud Light appears to be an outlierIn April, the brewer ran a March Madness promotion with trans influencer Dylan Mulvaney, who shared a customized Bud Light can on Instagram. Justin Sullivan | Getty ImagesIt isn't just Bud Light — brands across the board are facing calls to boycott their goods or services.

Persons: Gene Kim, Bud Light, Anson Frericks, Starbucks baristas, Sarah Kate Ellis, Ellis, Dylan Mulvaney, Brendan Whitworth, — Alissa Heinerscheid, Daniel Blake —, Bump Williams, Busch, Frericks, Bud, Marcel Marcondes, Marcondes, Justin Sullivan, Jack Daniel's, Lawrence Glickman, Glickman, baristas, hasn't, Disney isn't, Ron DeSantis, Lindsey Roeschke, Brayden King, King, David Cliff, Nurphoto Organizations: Anheuser, Busch, Target, Disney, Starbucks, Pride Month, Target's, Pride, GLAAD, Mulvaney, CNBC, Gay, Chamber, Commerce, Cannes Lions International, Creativity, Brands, Kohl's, Nike, Adidas, Ford, Associated Press, American Studies, Cornell University, Consumer, Walt Disney Co, Florida Gov, Brand Intelligence, Morning, Northwestern University, Getty Locations: U.S, America, San Francisco , California, Oklahoma, Florida

☆ Here are 5 key trends shaping the liquor industry as spirits overtake beer for the first time
▼ + stars: | 2023-06-16 | by ( Stefan Sykes | ) www.cnbc.com time to read: +7 min

Jason Koerner | Getty ImagesCHICAGO — The spirits industry is overcoming economic headwinds to meet changing consumer preferences as it chips away at the dominance of beer. Despite supply chain issues and high inflation, the beverage alcohol industry has a lot to toast to these days, said Chris Swonger, president and CEO of DISCUS. "This is a great American success story," Swonger said of the industry's market share supremacy. As the spirits industry works to maintain its top spot this year amid fears of a recession, here are some key trends industry leaders who spoke to CNBC see shaping the business today. The company runs incubator and accelerator programs to develop Black talent within the spirits industry.

Persons: Casamigos, Alo, Jason Koerner, Beer, Chris Swonger, Swonger, We're, George Clooney, Mark Wahlberg, Wahlberg, Aron Marquez, Ryan Reynolds, Sean, Diddy, Combs, Kendall Jenner, Dwayne Johnson, Michael Jordan, David Beckham, it's, Patrick Shorb, Molson Coors, Tobin Ludwig, Pinkard Organizations: Alo Miami, Getty, CHICAGO, CNBC, Diageo, Chicago, Brands, Heineken, Anheuser, Busch InBev, Molson, Hella, Black Locations: Miami, United States, Chicago, Pennsylvania

Bud Light trailed with a 7.3% share. Bud Light sales fell 24.6% in the period year over year, while Modelo sales jumped 10.2%, the data shows. Still, the Anheuser-Busch InBev brand Bud Light leads U.S. beer sales so far this year, according to Bump Williams. The company's shares have dropped nearly 15% since the start of April, when Mulvaney posted a video of a personalized Bud Light can, which sparked anti-LGBTQ+ outrage. The boycott against Bud Light comes as state and federal politicians increasingly push to claw back the rights of trans people.

Persons: Bud Light, influencer Dylan Mulvaney, Bump Williams, Mulvaney, Brendan Whitworth Organizations: Modelo, Constellation Brands, Anheuser, Busch InBev, Bud, Busch, Pride, Starbucks, Target Locations: Brooklyn Borough, New York, U.S

☆ Here's how the price of your beer has changed over time
▼ + stars: | 2023-06-02 | by ( Stefan Sykes | ) www.cnbc.com time to read: 1 min

Beer isn't as much of a bargain as it used to be. Beer companies, faced with rising operating costs in areas like packaging and transportation, have raised prices and seen bigger profits, with consumers footing the bill. The price of beer bought at retail locations such as grocery stores rose 5.9% for the 12 months through April 2023 compared with the prior year, according to data from the Bureau of Labor Statistics. Since 2000, retail beer consumed at home has increased more than 72%. The cost of beer has climbed even more for people drinking outside the home, jumping 102% during that time.

Persons: Beer Organizations: Bureau of Labor Statistics

☆ Here's why Diddy is suing Diageo over his vodka and tequila brands
▼ + stars: | 2023-06-01 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

Diddy attends The After, hosted by the entrepreneur and Doja Cat, powered by Ciroc Premium Vodka and DeLeon Tequila at Club Love in New York City, May 1, 2023. Sean "Diddy" Combs is suing multinational spirits giant Diageo for alleged racial discrimination in the handling of his vodka and tequila brands, which Combs claims the company typecast as "Black brands." In a lawsuit filed Wednesday with the New York Supreme Court in Manhattan, Combs' lawyers accuse Diageo of neglecting his Ciroc vodka and DeLeon tequila brands, and of marginalizing their appeal by marketing them as "urban" brands. Following the success of the partnership, Diageo co-purchased the DeLeon tequila brand with Combs' company in 2013. Diageo, a multibillion-dollar, publicly traded spirits company based in London, owns more than 200 brands, including the Don Julio tequila brand.

Persons: Diddy, DeLeon Tequila, Sean, Combs, DeLeon, Puffy, George Clooney's, Clooney's, Bump Williams, Don Julio, Stephen Rust, Martha Stewart, Rust, They're Organizations: Diageo, New York Supreme, Clooney's Casamigos, Nielsen, CNBC Locations: New York City, Manhattan, London, Ciroc

☆ Iconic singer Tina Turner dies at 83
▼ + stars: | 2023-05-24 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

Singer Tina Turner has died at the age of 83 after a long illness, according to a statement posted on her official Facebook page Wednesday. "It is with great sadness that we announce the passing of Tina Turner. In a separate statement to Sky News, a spokesperson said Turner died "peacefully" at her home in Küsnacht, near Zurich, Switzerland. Tuner began her career as a teenager in the late 1950s singing backup for musician Ike Turner's blues band Kings of Rhythm. "I'm so saddened by the passing of my wonderful friend Tina Turner," tweeted Rolling Stones frontman Mick Jagger.

Aaron Smith, CEO of the National Cannabis Industry Association, speaks during a news conference on the Safe Banking Act outside the U.S. Capitol in Washington, Sept. 14, 2022. The Senate banking committee is holding its first-ever hearing Thursday on a bipartisan bill that would allow the cannabis industry to access traditional banking services, which marijuana businesses see as critical to their survival. The meeting, titled Examining Cannabis Banking Challenges of Small Businesses and Workers, will hear testimony from lawmakers on both sides of the aisle, including Sens. Thursday's hearing will determine next steps in getting the bill to the Senate floor for a vote, as Senate Majority Leader Chuck Schumer and other key lawmakers express support for it. "Without full access to the banking and payments system, legal cannabis businesses are forced to operate in the shadows," said Sen. Sherrod Brown, D-Ohio, who is also chair of the committee.

☆ These states might be the next to legalize weed
▼ + stars: | 2023-05-07 | by ( Stefan Sykes | ) www.cnbc.com time to read: +7 min

The state became the 22nd to legalize recreational marijuana and follows Missouri and Maryland, which did so earlier this year. Some states are even moving ahead with proposals or ballot measures to legalize weed, putting them within arms' reach of having recreational markets. These are the states that have a chance to legalize adult-use marijuana in the coming years. OhioOhio may vote on whether to legalize recreational marijuana in November. Haren said the proposal also plans to build upon Ohio's medical marijuana program and issue additional adult use licenses to new companies.

☆ Ed Sheeran didn't steal from Marvin Gaye's 'Let's Get It On,' jury rules
▼ + stars: | 2023-05-04 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

Musician Ed Sheeran leaves federal court in New York, US, on Wednesday, May 3, 2023. A Manhattan federal jury ruled Thursday that pop star Ed Sheeran didn't infringe on the copyright of Marvin Gaye's "Let's Get It On." Upon hearing the verdict, Sheeran stood up and hugged his lawyers, according to NBC News. The plaintiffs first filed the civil suit in 2017 and alleged that Sheeran, Warner Music Group and Sony Music Publishing stole from the soul classic, violating federal copyright law. Sheeran told jurors that he composed "Thinking Out Loud" independently with British songwriter Wadge, who was not named in the lawsuit.

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