Exhibit 99.3





CONTACT:    Anne A. Tarbell                                   PRESS RELEASE
            (212) 451-3030                            For Immediate Release


             TRIARC RECEIVES $18 PER SHARE GOING-PRIVATE PROPOSAL


      NEW YORK,  NY,  OCTOBER 12, 1998 -- Triarc  Companies,  Inc.  (NYSE:  TRY)
announced  today that its Board of Directors  has formed a Special  Committee to
evaluate  a proposal  it has  received  from  Nelson  Peltz and Peter  May,  the
Chairman  and Chief  Executive  Officer and the  President  and Chief  Operating
Officer,  respectively,  of the Company,  for the acquisition by an entity to be
formed by them of all of the  outstanding  shares of Common Stock of the Company
(other than the 6 million  shares  owned by an  affiliate  of Messrs.  Peltz and
May), for $18 per share payable in cash and securities.  The proposal represents
an approximate  37% premium over last Friday's  closing stock price of $13-3/16.
The  specific  terms of the  securities  will be  negotiated  with  the  Special
Committee  and will be  valued  on a fully  distributed  basis  in a  normalized
market.

      The  proposal is subject to, among other  things,  (1) the  execution  and
delivery  of a  definitive  acquisition  agreement,  (2)  receipt  of a fairness
opinion from the financial  adviser to the Special  Committee of the Board,  (3)
receipt of  satisfactory  financing  for the  transaction,  (4)  approval of the
proposed  transaction by the Special  Committee of the Board,  the full Board of
Directors  and  the  Company's  Stockholders  and  (5)  the  expiration  of  any
applicable  waiting period under the Hart-Scott-Rodino  Antitrust  Improvements
Act of 1976.

      There can be no assurance that a definitive  acquisition agreement will be
executed and delivered or that the proposed transaction will be consummated.

      Triarc is a branded  consumer  products  company in beverages  (Snapple(R)
beverages,  Mistic(R)  Brands,  Stewart's(R) and Royal Crown(R)) and restaurants
(Arby's(R), T.J. Cinnamons(R) and Pasta Connection(TM)).

                                    # # #

                                     NOTE

      The securities  proposed to be issued have not been  registered  under the
Securities  Act of 1933,  as amended,  and may not be offered or sold within the
United States except  pursuant to an exemption from the Securities  Act, 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 such securities.