UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15 (d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


          Date of report (Date of earliest event reported) May 19, 2003


                             TRIARC COMPANIES, INC.
               --------------------------------------------------
             (Exact name of registrant as specified in its charter)


     DELAWARE                       1-2207              38-0471180
     -----------                    ---------           --------------
     (State or other                (Commission         (I.R.S. Employer
     jurisdiction of                File No.)           Identification No.)
     incorporation of
     organization)

     280 Park Avenue
     New York, New York                                  10017
     ----------------------------                        ---------
     (Address of principal executive office)             (Zip Code)


     Registrant's telephone number, including area code:   (212) 451-3000

     --------------------------------------------------    -----------------
     (Former name or former address,                        (Zip Code)
      if changed since last report)



Item 5. Other Events and Regulation FD Disclosure

     On May 19, 2003,  Triarc  Companies,  Inc. (the  "Company")  issued a press
release  announcing  that it has  completed  the sale of $175 million  principal
amount of 5.0% convertible notes due 2023 (the "Convertible Notes") to qualified
institutional buyers pursuant to Rule 144A under the Securities Act of 1933 (the
"Securities  Act").  This amount  includes $25 million  principal  amount of the
Convertible Notes issued pursuant to an option granted to the initial purchaser.
The  Convertible  Notes are  convertible  into shares of the  Company's  Class A
common stock under certain circumstances  specified in the indenture relating to
the Convertible Notes.

     In  connection  with  the  sale  of  the  Convertible  Notes,  the  Company
repurchased  1.5 million  shares of its Class A Common Stock from the purchasers
of the Convertible Notes for $41.7 million (or $27.80 per share) under the terms
of the Company's  previously announced $50 million stock repurchase program. The
press  release  relating to the  completion  of the  transaction  is attached as
Exhibit 99.1 to this report.

     The Convertible Notes and the Class A common stock issuable upon conversion
of the Convertible  Notes have not been  registered  under the Securities Act or
applicable  state  securities laws, and may not be offered or sold in the United
States,  absent  registration  or  an  applicable  exemption  from  registration
requirements.  This Current  Report on Form 8-K shall not constitute an offer to
sell or the solicitation of an offer to buy these securities, nor shall there be
any sale of these  securities in any state in which such offer,  solicitation or
sale would be unlawful  prior to the  registration  or  qualification  under the
securities laws of any such state.

Item 7.  Financial Statements and Exhibits

(c)      Exhibits

99.1     Press release of Triarc Companies, Inc. dated May 19, 2003

                                    SIGNATURE

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                       TRIARC COMPANIES, INC.


                                       By: Brian L. Schorr
                                           ------------------------------
                                           Brian L. Schorr
                                           Executive Vice President and
                                           General Counsel

Dated:   May 19, 2003




                                  EXHIBIT INDEX

Exhibit  Description

99.1     Press release of Triarc Companies, Inc. dated May 19, 2003



                                                    Exhibit 99.1

                                                For Immediate Release


CONTACT:  Anne A. Tarbell
          (212) 451-3030
          www.triarc.com


               TRIARC COMPLETES PRIVATE PLACEMENT OF $175 MILLION
                         5.0% CONVERTIBLE NOTES DUE 2023

      o Repurchases 1.5 million Class A common shares at $27.80 per share


     New York, NY, May 19, 2003 - Triarc  Companies,  Inc. (NYSE: TRY) announced
today that it has  completed the sale of $175 million  principal  amount of 5.0%
convertible  notes due 2023  ("convertible  notes") to  qualified  institutional
buyers  pursuant to Rule 144A under the Securities Act of 1933 (the  "Securities
Act").  This amount  includes $25 million  principal  amount of the  convertible
notes issued pursuant to an option granted to the initial  purchaser.  The notes
are unsecured  and  unsubordinated  and will rank on parity with Triarc's  other
existing and future unsecured and unsubordinated indebtedness.

     The  convertible  notes will bear  interest at a rate of 5.0% per annum and
are  convertible  into Triarc Class A common  stock at a  conversion  rate of 25
shares per $1,000  principal amount of the notes (equal to a conversion price of
$40.00  per share of Triarc  Class A common  stock),  subject to  adjustment  in
certain  circumstances.  Holders  of the  convertible  notes may  convert  their
convertible notes only: (i) during any fiscal quarter  commencing after June 29,
2003 that  Triarc's  Class A common stock  trades in excess of $48.00  (which is
120% of the conversion price) for at least 20 trading days out of 30 consecutive
trading days ending on the last  trading day of the  preceding  fiscal  quarter;
(ii) during the five business day period after any ten consecutive day period in
which the trading price per $1,000 principal amount of the convertible notes for
each day is less than 95% of the per share price of Triarc  Class A common stock
times  the  number  of  shares of  Triarc  Class A common  stock  issuable  upon
conversion  of $1,000  principal  amount of notes;  (iii) if the notes have been
called  for  redemption;  or (iv) if certain  specified  corporate  events  have
occurred. Upon conversion,  Triarc has the right to deliver in lieu of shares of
Class A common stock, cash or a combination of cash and stock.

     Triarc may not redeem the  convertible  notes prior to May 20, 2010,  after
which  time  Triarc may redeem the notes in whole or in part for cash at 100% of
their  principal  amount plus  accrued and unpaid  interest,  if any. On May 15,
2010,  2015 and 2020 (or such  additional  dates as may be designated by Triarc)
convertible  note holders may require Triarc to repurchase the notes for cash at
100% of principal amount plus accrued and unpaid interest, if any.

     In connection with the sale of the convertible  notes,  Triarc  repurchased
1.5 million  shares of Triarc Class A common stock sold by the purchasers of the
convertible  notes for $41.7 million (or $27.80 per share).  Such repurchase was
made under Triarc's  previously  announced $50 million stock repurchase program.
The  balance  of the  net  proceeds  from  the  sale  of the  convertible  notes
(approximately  $126.6  million)  will be used by Triarc for  general  corporate
purposes,  which  may  include  working  capital,   repayment  of  indebtedness,
acquisitions, additional share repurchases and investments.

     The convertible notes and the Class A common stock issuable upon conversion
of the convertible  notes have not been  registered  under the Securities Act or
applicable  state  securities  laws, and may not be offered or sold in the U.S.,
absent registration or an applicable  exemption from registration  requirements.
This press release shall not constitute an offer to sell or the  solicitation of
an  offer  to buy  these  securities,  nor  shall  there  be any  sale of  these
securities  in any state in which  such  offer,  solicitation  or sale  would be
unlawful prior to the registration or qualification under the securities laws of
any such state.

     Triarc is a holding company and through its subsidiaries, the franchisor of
the  Arby's(R)  restaurant  system and an operator of  approximately  240 Arby's
restaurants located in the United States.

                                      # # #
                                 Note to Follow


                              NOTE TO PRESS RELEASE

     The  statements  in this  press  release  that  are not  historical  facts,
including,  most importantly,  information concerning possible or assumed future
results  of  operations  of  Triarc   Companies,   Inc.  and  its   subsidiaries
(collectively,  "Triarc" or the "Company") and statements  preceded by, followed
by, or that include the words "may," "believes," "expects," "anticipates" or the
negation   thereof,   or  similar   expressions,   constitute   "forward-looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995 (the "Reform Act"). All statements which address operating  performance,
events or  developments  that are expected or anticipated to occur in the future
are  forward-looking  statements  within the  meaning of the Reform  Act.  These
forward-looking statements are based on our current expectations,  speak only of
the  date of this  press  release  and are  susceptible  to a number  of  risks,
uncertainties   and  other  factors.   Our  actual   results,   performance  and
achievements  may differ  materially  from any future  results,  performance  or
achievements expressed or implied by such forward-looking  statements. For those
statements,  we claim the  protection  of the  safe-harbor  for  forward-looking
statements  contained in the Reform Act. Many important factors could affect our
future  results and could cause those  results to differ  materially  from those
expressed in the  forward-looking  statements  contained  herein.  These factors
include,  among others,  risks and  uncertainties  affecting the Company and its
subsidiaries  detailed  in the  Company's  Form 10-K for the  fiscal  year ended
December 29, 2002 (see especially "Item 1.  Business-Risk  Factors" and "Item 7.
Management's  Discussion  and  Analysis of  Financial  Condition  and Results of
Operations"),  and in our other current and periodic filings with the Securities
and Exchange  Commission,  all of which are  difficult or  impossible to predict
accurately  and many of which are beyond our control.  We will not undertake and
specifically  decline  any  obligation  to  publicly  release the results of any
revisions which may be made to any forward-looking  statements to reflect events
or circumstances  after the date of such statements or to reflect the occurrence
of anticipated or unanticipated  events. In addition, it is our policy generally
not to make  any  specific  projections  as to  future  earnings,  and we do not
endorse any projections  regarding future  performance that may be made by third
parties.