Are we caption-makers protected by fair-use?

[iwanktoomuch]

I've always assumed my work to be protected by fair-use/fair-dealing clauses, and have been uploading for over a year with no real problems; however, recent online chatter about plagiarism and content-theft has me reflecting on this work and I would like a second opinion.
My understanding is this: an artist may use parts of a work for the purpose of art/parody/pastiche without seeking the copyright-holder's permission first, provided that they use only what is necessary and this work doesn't affect the market/demand for the original.
So, if a caption:
- comprises a picture from a professional studio (that has been edited, and had original text added that is the new focus of the image),
- retains the original studio watermark, and
- is released with no way for the creator to profit from this work,
is it copyright infringement? Are they exempt from the forbidden list? Can the studios have them taken down? Can one reasonably protest these being taken down and stand a chance?

Thanks in advance for any answers/insights you guys can provide.

[cumback2018]

Fair use allows limited use of copyrighted material for specific purposes such as news reporting, teaching, criticism, and research. Parodies are only exempt from copyright laws if deemed a form of social commentary or literary criticism. Simply adding a caption or a filter to copyrighted material does not make it permissible for online sharing.

[cumback2018]

Here’s an example:
Last year, the US Supreme Court found Andy Warhol (and his estate) guilty of copyright infringement for using photos of Prince taken by the photographer Lynn Goldsmith in 1981.

[iwanktoomuch]

Fair use allows limited use of copyrighted material for specific purposes such as news reporting, teaching, criticism, and research. Parodies are only exempt from copyright laws if deemed a form of social commentary or literary criticism. Simply adding a caption or a filter to copyrighted material does not make it permissible for online sharing.

Well, that's very unfortunate.