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: November 21, 2003
                        (Date of earliest event reported)



                             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, NY 10017
                       -----------------------------------
               (Address of principal executive office) (Zip Code)


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



                                Page 1 of 2 Pages




ITEM 5.  OTHER EVENTS

On November 21, 2003, Triarc Companies, Inc. (the "Company") and Wilmington
Trust Company, as trustee (the "Trustee"), entered into a First Supplemental
Indenture (the "Supplemental Indenture") to the Indenture dated as of May 19,
2003, between the Company and the Trustee, relating to the Company's 5%
Convertible Notes due 2023 (the "Notes"). The Supplemental Indenture effects
certain changes to the conversion features of the Notes to reflect the special
stock dividend of two shares of a newly designated Class B Common Stock, Series
1, par value $0.10 per share (the "Class B Common Stock"), for each outstanding
share of the Company's Class A Common Stock, par value $0.10 per share (the
"Class A Common Stock"), which was announced by the Company's Board of Directors
on August 11, 2003 and paid on September 4, 2003 to holders of record of the
Class A Common Stock on August 21, 2003. Holders of the Notes are entitled to
receive upon conversion of the Notes shares of Class A Common Stock and such
number of shares of Class B Common Stock that the holder would have been
entitled to receive had the holder converted its Notes immediately prior to the
record date for the stock dividend. A copy of the Supplemental Indenture is
filed as Exhibit 4.1 to this report.


ITEM 7.  EXHIBITS

(c)      Exhibits

4.1      First Supplemental Indenture, dated as of November 21, 2003, between
         Triarc Companies, Inc. and Wilmington Trust Company, as trustee
         (incorporated herein by reference to Exhibit 4.3 to Triarc's
         Registration Statement on Form S-3 filed on November 24, 2003).



                                    SIGNATURE

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


                                   TRIARC COMPANIES, INC.

                                   By:  /s/ Stuart I. Rosen
                                        ---------------------------------------
                                        Stuart I. Rosen
                                        Senior Vice President and
                                        Associate General Counsel

Dated: November 25, 2003