PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED JUNE 5, 1998)
                             TRIARC COMPANIES, INC.
                  $360,000,000 PRINCIPAL AMOUNT AT MATURITY OF
          ZERO COUPON CONVERTIBLE SUBORDINATED DEBENTURES DUE 2018 AND
      SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THESE DEBENTURES
 
           ----------------------------------------------------------
     This Prospectus Supplement, together with the Prospectus, is to be used by
certain holders of the securities referred to above or by their transferees,
pledgees, donees or their successors in connection with the offer and sale of
the securities referred to above. The last reported sale price of the Common
Stock on the New York Stock Exchange on December 8, 1998 was $16 1/16 per share.
 
     This Prospectus Supplement supplements the Prospectus dated June 5, 1998
relating to the offer for resale of up to $360,000,000 aggregate principal
amount at maturity of Triarc Companies, Inc.'s Zero Coupon Convertible
Subordinated Debentures due 2018 and the shares of Common Stock issuable upon
conversion of these Debentures to include the following table under the heading
'Selling Securityholders' on page 52:
 
                               SELLING SECURITYHOLDERS
 


                            PRINCIPAL AMOUNT                   NUMBER OF SHARES
                             AT MATURITY OF     PERCENTAGE     OF COMMON STOCK
                               DEBENTURES           OF        BENEFICIALLY OWNED
                           BENEFICIALLY OWNED   DEBENTURES       AND OFFERED
 SELLING SECURITYHOLDER    AND OFFERED HEREBY   OUTSTANDING      HEREBY(1)(2)
- -------------------------  ------------------   -----------   ------------------
                                                      
AAM/Zazove Institutional
  Income Fund, L.P.......     $  5,800,000           1.6             54,897
Argent Class Convertible
  Arbitrage Fund
  (Bermuda) L.P..........       25,000,000           6.9            236,625
Black Diamond, Ltd.......        1,262,000           *               11,944
Black Diamond Partners,
  L.P....................        1,283,000           *               12,143
Century National
  Insurance Company(3)...        2,700,000           *               25,555
Chrysler Corporation
  Master Retirement
  Trust(3)...............       11,860,000           3.3            112,254
Chrysler Insurance
  Company - Total
  Return.................          150,000           *                1,419
Citizens Security Life
  Ins. Co................        1,000,000           *                9,465
Delta Air Lines Master
  Trust(3)...............        4,310,000           1.2             40,794
Double Black Diamond
  Offshore LDC(3)........          238,000           *                2,252
Fort Dearborn Life
  Insurance Company......          600,000           *                5,679
Highbridge Capital
  Corporation............       16,500,000           4.6            156,172
JMG Convertible
  Investments, L.P.......        2,500,000           *               23,662
National Union Fire
  Insurance Company of
  Pittsburgh(3)..........        5,500,000           1.5             52,057
OCM Convertible
  Trust(3)...............       13,050,000           3.6            123,518
Orrington International
  Fund Ltd...............        4,030,000           1.1             38,143
Orrington Investments
  Limited Partnership....          970,000           *                9,181
Partner Reinsurance
  Company Ltd.(3)........        1,300,000           *               12,304
R2 Investments, LDC......        8,000,000           2.2             75,720
Raytheon Company Master
  Pension Trust(3).......        6,155,000           1.7             58,257
SoundShore Holdings
  Ltd....................       19,600,000           5.4            185,514
State Employees'
  Retirement Fund of the
  State of Delaware(3)...        2,550,000           *               24,135
State of Connecticut
  Combined Investment
  Funds(3)...............        9,820,000           2.7             92,946
Triton Capital
  Investments, LTD.......        2,500,000           *               23,662
United National Insurance
  Company(3).............        4,400,000           1.2             41,646
Vanguard Convertible
  Securities Fund,
  Inc.(3)................       11,050,000           3.1            104,588
Worldwide Transactions
  Ltd....................          117,000           *                1,107
Zazove Convertible Fund,
  L.P.(3)................        6,450,000           1.8             61,049

 
- ------------
 * Less than 1.0%.
 
(1) Represents shares of Common Stock issuable upon conversion of the
    Debentures.
 
(2) Assumes a conversion rate of 9.465 shares per $1,000 principal amount at
    maturity and a cash payment in lieu of any fractional share interest, which
    conversion rate is subject to adjustment as described under 'Description of
    Debentures -- Conversion of Debentures.' Accordingly, the number of shares
    of Common Stock issuable upon conversion of the Debentures may increase or
    decrease from time to time. Under the terms of the Indenture, the Company is
    not required to issue fractional shares of Common Stock upon conversion of
    the Debentures and, in lieu thereof, will pay cash.
 
(3) In addition to the Debentures shown as being beneficially owned and offered
    hereby, the following entities also own registered Debentures that are not
    being sold hereunder: Century National Insurance Company ($2,760,000),
    Chrysler Corporation Master Retirement Trust ($1,770,000), Delta Air Lines
    Master Trust ($1,325,000), Double Black Diamond Offshore LDC ($100,000),
    National Union Fire Insurance Company of Pittsburgh ($6,850,000), OCM
    Convertible Trust ($210,000), Partner Reinsurance Company Ltd. ($210,000),
    Raytheon Company Master Pension Trust ($905,000), State of Connecticut
    Combined Investment Funds ($3,615,000), State Employees' Retirement Fund of
    the State of Delaware ($1,245,000), United National Insurance Company
    ($1,000,000), Vanguard Convertible Securities Fund, Inc. ($170,000) and
    Zazove Convertible Fund, L.P. ($550,000).
                            ------------------------
     INVESTING IN THESE SECURITIES INVOLVES CERTAIN RISKS. SEE 'RISK FACTORS'
BEGINNING ON PAGE 14 OF THE ACCOMPANYING PROSPECTUS.
                            ------------------------
    NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
   COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF
     THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE
                        CONTRARY IS A CRIMINAL OFFENSE.
 
             THIS PROSPECTUS SUPPLEMENT IS DATED DECEMBER 9, 1998.