Exhibit 99.1


                                                                  PRESS RELEASE

                                                          FOR IMMEDIATE RELEASE
CONTACT:              JOHN L. BARNES, JR.
                      212/451-3060
                      BRIAN L. SCHORR
                      212/451-3045
                      TRIARC COMPANIES, INC.

                            TRIARC COMPLETES SALE OF ZERO COUPON
                    CONVERTIBLE SUBORDINATED DEBENTURES AND REPURCHASE OF
                              ONE MILLION SHARES OF COMMON STOCK

NEW YORK, New York -- February 9, 1998 -- Triarc  Companies,  Inc.  (NYSE:  TRY)
announced today that it has completed the sale of $360 million  principal amount
at maturity of its Zero Coupon Convertible Subordinated Debentures due 2018 in a
private placement with Morgan Stanley & Co.  Incorporated.  Such amount included
the exercise in full by Morgan  Stanley of its option to purchase an  additional
$90 million  principal  amount at maturity of Debentures.  The  Debentures  were
issued at a discount of 72.177% from the  principal  amount  thereof  payable at
maturity and generated net proceeds to Triarc of approximately $97 million.  The
issue price  represents  a yield to maturity  of 6.5% per annum  (computed  on a
semi-annual bond equivalent  basis).  The Debentures are convertible into Triarc
Class A Common Stock at a conversion  rate of 9.465 shares per $1,000  principal
amount  at  maturity,   which   represents  an  initial   conversion   price  of
approximately  $29.40  per share of Common  Stock.  The  conversion  price  will
increase  over  the  life of the  Debentures  at 6.5% per  annum  computed  on a
semi-annual bond equivalent basis. The conversion of all of the






Debentures into Common Stock would result in the issuance of approximately  2.55
million  shares of Common Stock.  The  Debentures  are not  redeemable by Triarc
prior to February 9, 2003.

In  connection  with  the  consummation  of the sale of the  Debentures,  Triarc
purchased  from Morgan Stanley one million shares of Triarc Class A Common Stock
for an aggregate price of  approximately  $25.6 million.  The balance of the net
proceeds  from  the  sale of  Debentures  will be used  by  Triarc  for  general
corporate purposes, which may include working capital,  repayment or refinancing
of indebtedness and acquisitions and investments.

Neither the  Debentures,  nor the Common Stock  issuable upon  conversion,  were
registered  initially under the Securities Act of 1933, as amended,  and may not
be  offered  or sold  within  the United  States  unless so  registered  or in a
transaction not subject to the registration  requirements of the Securities Act.
This press release shall not constitute an offer to sell or a solicitation of an
offer to buy the Debentures or the Common Stock.

Triarc  Companies,  Inc. is a consumer products company with annualized sales of
approximately  $1  billion  in  beverages  (Snapple,  Mistic,  Royal  Crown  and
Stewart's) and restaurants (Arby's). In addition,  Triarc has an equity interest
in liquefied petroleum gas (National Propane).
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                                         Note to follow







                                    NOTE TO PRESS RELEASE

The  statements in this press release that are not historical  facts  constitute
"forward-looking statements" that involve risks, uncertainties and other factors
which may cause actual  results to be materially  different from those set forth
in the forward-looking statements. Such factors include, but are not limited to,
the following: general economic and business conditions; competition; success of
operating  initiatives;   development  and  operating  costs;   advertising  and
promotional  efforts;  brand  awareness;  the  existence  or  absence of adverse
publicity;  acceptance  of new product  offerings;  changing  trends in consumer
tastes;  the success of  multi-branding;  availability,  locations  and terms of
sites of restaurant  development;  changes in business  strategy or  development
plans;  quality of  management;  availability,  terms and deployment of capital;
business  abilities  and  judgment  of  personnel;   availability  of  qualified
personnel;  labor  and  employee  benefit  costs;  availability  and cost of raw
materials  and  supplies;  changing,  or  failure  to  comply  with,  government
regulations;  regional weather conditions;  changes in wholesale propane prices;
the costs and other effects of legal and  administrative  proceedings  and other
risks and uncertainties  detailed in Triarc's Securities and Exchange Commission
filings.