Exhibit 99.1

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

       HOLDERS OF TRIARC'S 5% CONVERTIBLE NOTES ARE ENTITLED TO CONVERT
                    DURING 2006 SECOND FISCAL QUARTER


 New York, NY, March 20, 2006 - Triarc Companies,  Inc. (NYSE: TRY; TRY.B) today
announced  that the trustee  under the  Indenture  (the  "Indenture")  governing
Triarc's 5% Convertible Notes due 2023 (the "Notes") has determined that holders
of the Notes are  entitled  to convert  their  Notes  during the fiscal  quarter
beginning  on April 3,  2006 and  ending on July 2, 2006  because  the  combined
closing sale price of one share of Triarc's  Class A Common Stock and two shares
of  Triarc's  Class B Common  Stock,  Series  1,  exceeded  120% of the  current
conversion  price of $40 for at  least 20  trading  days in the  30-trading  day
period  ending on March 31,  2006,  the last  trading day of the fiscal  quarter
ending April 2, 2006. At the current  conversion  price,  each $1,000  principal
amount of Notes is convertible  into 25 shares of Triarc's Class A Common Stock,
subject to Triarc's right to elect to pay the holder cash in lieu of delivery of
all or any portion of these shares of Class A Common Stock and, upon  conversion
of each $1,000 principal amount of Notes, the holder is also entitled to receive
50 shares of Triarc's Class B Common Stock,  Series 1. In February 2006,  Triarc
completed the repurchase of $165,776,000 of the $175,000,000 principal amount of
Notes that were issued by Triarc in May 2003.  As of March 20, 2006,  $9,224,000
principal  amount  of Notes  are  outstanding.

 Holders of Notes that wish to exercise their conversion  rights with respect to
the Notes should contact Wilmington Trust Company,  the conversion agent for the
Notes, at the following  address:  Corporate Trust Office,  Rodney Square North,
1100 North Market Street, Wilmington, DE 19890-1600,  Attention: Corporate Trust
Administration. Telephone: (302) 636-6410. Facsimile: (302) 636-4145.

 Triarc Companies, Inc. is a holding company and, through its subsidiaries,  the
franchisor  of  the  Arby's(R)   restaurant   system,   which  is  comprised  of
approximately 3,500 restaurants. Of these restaurants, more than 1,000 are owned
and operated by  subsidiaries  of Triarc.  Triarc also owns an  approximate  64%
capital  interest,  an approximate 52% profits interest and approximately 94% of
the voting interest,  in Deerfield & Company LLC, a Chicago-based  asset manager
offering  a diverse  range of fixed  income  and  credit-related  strategies  to
institutional  investors with approximately $12.3 billion under management as of
January 1, 2006.
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                            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,"  "plans," "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 that address operating  performance,
 events or developments that are expected or anticipated to occur in the future,
 including  statements relating to revenue growth,  earnings per share growth or
 statements  expressing  general  optimism about future operating  results,  are
 forward-looking  statements  within  the  meaning  of  the  Reform  Act.  These
 forward-looking statements are based on our current expectations, speak only as
 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.  Such factors
 include,  but are not limited to risks and uncertainties  affecting the Company
 referred to in its Annual Report on Form 10-K for the fiscal year ended January
 2,  2005  (see  especially  "Item  1.  Business--Risk  Factors"  and  "Item  7.
 Management's  Discussion  and  Analysis of Financial  Condition  and Results of
 Operations")  and in its 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 the Company's control.

  All future written and oral forward-looking  statements  attributable to us or
 any person  acting on our behalf are expressly  qualified in their  entirety by
 the  cautionary  statements  contained  or  referred  to  above.  New risks and
 uncertainties  arise from time to time,  and it is impossible for us to predict
 these events or how they may affect us. We assume no  obligation  to update any
 forward-looking  statements after the date of this press release as a result of
 new information,  future events or developments,  except as required by federal
 securities  laws.  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.