As expected, Coke said it has agreed to sell a unit.

Coca-Cola has entered into an agreement in principle to sell the assets and certain liabilities of Embassy Home Entertainment to a new company to be controlled by Andre Blay, chairman and chief executive of Embassy Home Entertainment, for undisclosed terms. The agreement in principle is subject to the execution of a definitive-purchase agreement, the approval of Coca-Cola’s board of directors and completion of financing. The sale does not affect Coca-Cola’s ownership of Embassy Television and Embassy Telecommunications.