The 38-year-old Australian comic actress, best known for the "Pitch Perfect" movies and "Bridesmaids", was not in the Court of Appeal in Melbourne on Thursday to hear the three judges' decision.
Wilson was awarded $4.5 million in damages last September, after a jury found Bauer Media had defamed her in a series of magazine articles that said she had lied about her age, real name and childhood.
The Sydney Morning Herald said the articles "painted her as a serial liar".
The appeal court removed the 3.9 million Australian dollars that the trial judge had awarded for roles lost because of damage done to her reputation.
In June previous year a six-person jury found in favour of Wilson's claim against the publisher of Woman's Day and the Australian Women's Weekly.
Wilson was not present for the judgment but she took to Twitter the night before, saying she had already won the case.
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Speaking on behalf of Bauer Media, General Counsel, Adrian Goss, said in a statement: "It was important for us to revisit the award of damages".
With defamation payouts capped in Australia at $350,000, University of Melbourne Law Professor Andrew Kenyon told 9news.com.au when news broke of the damages ruling this payout is "way higher" than Australia has ever seen.
However, the attempt was rejected by the Victorian Court of Appeal.
The actress she won her defamation case against Bauer Media in September previous year. Bauer Media immediately said it would appeal the record-breaking payment.
Wilson speaks to the media outside court after her initial victory. "I do hope to receive as much as possible to give away to charities and to support the Australian film industry".
Wilson said in April that she and her legal team were "very confident" the original defamation payout would be upheld.