UNITED STATES
                              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) December 23, 2004

                             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

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

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

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

Item 7.01.  Regulation FD Disclosure.

     On December 23, 2004,  Deerfield Triarc Capital Corp.  ("Deerfield Triarc")
completed a private offering to qualified institutional buyers, non-U.S. persons
and  institutional and individual  accredited  investors of 26,923,139 shares of
its common  stock  (including  256,472  shares  pursuant to the  exercise by the
initial  purchasers and placement agents of their  over-allotment  option) at an
offering price to investors of $15.00 per share.  The offering  generated  gross
proceeds of approximately  $403.8 million and net proceeds to Deerfield  Triarc,
after  deducting  the  initial  purchasers'  discount  and  placement  fees  and
estimated offering expenses,  of approximately $379.8 million.  Deerfield Triarc
intends  to use the net  proceeds  from  the  offering  in  accordance  with its
investment  objectives  and  strategies.  Deerfield  Triarc has agreed to file a
registration  statement with the Securities and Exchange  Commission ("SEC") for
the resale of all of these shares of common stock by no later than September 19,

     Deerfield  Triarc is a newly  formed  specialty  finance  company that will
invest in real  estate-related  securities  and  various  other  asset  classes.
Deerfield  Triarc is  expected  to qualify and intends to elect to be taxed as a
real estate investment trust ("REIT") for federal income tax purposes. Deerfield
Triarc  will  be  externally   managed  by  Deerfield  Capital   Management  LLC
("Deerfield   Capital"),   a  Chicago-based   alternative   asset  manager  with
approximately  $8.8 billion under management,  offering a diverse range of fixed
income strategies to institutional investors.  Triarc Companies, Inc. ("Triarc")
acquired  an  approximately  64%  capital  interest  in  Deerfield & Company LLC
("Deerfield"), the parent company of Deerfield Capital, in July 2004.

     Since 1993,  Deerfield has specialized in managing  government  securities,
investment grade debt, asset-backed  securities,  bank loan portfolios and other
fixed  income  asset  classes  in the form of  collateralized  debt  obligations
("CDOs"),  single strategy hedge funds and separate managed  accounts.  The CDOs
invest  in bank  loans,  investment  grade  corporate  bonds,  and  asset-backed
securities.  The hedge funds  engage in relative  value  trading of fixed income
securities  and  related   instruments.   The  separate  accounts  utilize  core
fixed-income and duration management strategies.

     Since  completing  its capital  investment  in  Deerfield,  Triarc has been
working closely with the Deerfield senior  management team to implement a growth
strategy  for  Deerfield's  valuable  investment  brand,  with  emphasis on both
organic growth and extensions of its existing platform. In October 2004, as part
of its capital  investment in Deerfield,  Triarc  invested $100 million in a new
credit opportunity fund managed by Deerfield.  The private offering by Deerfield
Triarc represents another significant extension of Deerfield's alternative asset
management activities.

     The shares of common  stock of  Deerfield  Triarc 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 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.

     The  information  in this  Current  Report is being  furnished,  not filed,
pursuant to Regulation  FD. The  information in this Current Report shall not be
incorporated  by  reference  into any  registration  statement  pursuant  to the
Securities Act of 1933, as amended.  The  furnishing of the  information in this
Current Report is not intended to, and does not,  constitute a determination  or
admission  that the  information  in this Current  Report is  material,  or that
investors should consider this information before making an investment  decision
with respect to any security of Triarc.


     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: STUART I. ROSEN
                                           Stuart I. Rosen
                                           Senior Vice President
                                           and Associate General Counsel

Dated:   December 23, 2004