Vintage Deal

Seagram's buys Coke's wine

Coca-Cola's latest annual report contains a two-page picture of a family simultaneously enjoying the company's products. They are drinking Coca-Cola, Tab and Sprite, pouring Minute Maid orange juice and sipping wine, while watching the Columbia Pictures movie Tootsie. If that scene is re-created next year, something will be missing: the wine. Last week Coca-Cola (1982 sales: $6.2 billion) announced plans to sell its wine business to distiller Joseph E. Seagram & Sons for more than $200 million in cash.

When Coca-Cola began selling wine in 1977, the industry expected its consumer-marketing savvy to propel its brands to the top....

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