*By Madison Alworth*
Coca-Cola announced Friday it will buy the UK coffee chain Costa for a piping $5.1 billion. The deal is Coke's largest acquisition to date.
According to Wall Street Journal reporter Jennifer Maloney, this was a diversification move, and Coke CEO James Quincey's way to make good on his word.
"He wanted to provide beverages to people at any time of day and any occasion," Maloney said Friday in an interview with Cheddar.
The deal marks Coke's first foray into the hot beverage industry. The timing couldn't be better. With the [soda market] (https://www.businessinsider.com/pepsi-ceo-inda-nooyi-predicted-soda-declines-2018-8) continuing to fall, Coca-Cola is looking to add more options to its portfolio. This move is also just the latest in a bubbling trend of soda brands trying to please calorie-conscious consumers. A little over a week ago, [Pepsi](https://cheddar.com/videos/pepsi-adds-sodastream-to-healthy-drinks-lineup) announced its purchase of seltzer machine maker SodaStream.
Costa has a large footprint abroad with 3,800 cafes in the U.K. and a growing presence in China.
That country has been a target of the coffee industry as consumption of the caffeinated beverage continues to soar. Although Chinese consumers traditionally prefer tea, Chinese millennials are adopting java in droves. According to the International Coffee Organization and the U.S. Department of Agriculture, over the past four years coffee imports to China have grown by 16 percent a year compared to 2 percent in the U.S.
According to Maloney, China is Costa's biggest market outside of the UK. Costa has approximately 450 locations in the country and Coke's CEO is focused on that as a new market.
"He sees China as a great opportunity to expand retail locations," Maloney said.
For full interview [click here](https://cheddar.com/videos/coca-cola-cozies-up-to-costa).
Catching you up on today’s entertainment headlines with the Grammys announcing new categories to be added to the awards show, Johnny Depp and Jeff Beck planning to release an album together, Britney Spears' ex-husband crashing her wedding, and more.
Erika Alexander and Whitney Dow, directors of 'The Big Payback,' join Cheddar News to discuss their new film, 'The Big Payback.' It premieres Saturday, June 11 at the Tribeca Festival.
'Pride Portraits' is a trans-led organization aiming to visually represent the LGBTQ+ community one photograph at a time. Eden Rose Torres, founder and president of Pride Portraits, joins Cheddar News to discuss its participants and the issues the LGBTQ+ community still faces.
The 75th Annual Tony Awards will take place on Sunday, June 12. Cheddar News takes a closer look at who's nominated and what audiences can expect from the ceremony.
On this episode of ChedHER: Global VP of LinkedIn Sales Solutions explains how she leads a 1,000+ person team for LinkedIn's $1 billion business, and gives advice for determining your own unique leadership style; Chief Sales Officer at Xometry, joins ChedHER breaks down why women should consider careers in manufacturing, and what opportunities are available for them in this industry; Founder of Pride Live & Stonewall Day, joins ChedHER talks about the mission and story behind Pride Live, and what to expect from this year's Stonewall Day.
Kathy Mayerhofer, Chief Sales Officer at Xometry, joins ChedHER to discuss why women should consider careers in manufacturing, and what opportunities are available for them in this industry.
Alyssa Merwin, Global VP of LinkedIn Sales Solutions, joins ChedHER to discuss how she leads a 1,000+ person team for LinkedIn's $1 billion business, and gives advice for determining your own unique leadership style.
Diana Rodriguez, Founder of Pride Live & Stonewall Day, joins ChedHER to discuss the mission and story behind Pride Live, and what to expect from this year's Stonewall Day.
Amanda Jones is the TikToker behind the “healthy Coke” recipe. In her viral post, she shared a concoction of balsamic vinegar and La Croix, allegedly something she learned from her pilates instructor and claimed it tastes just like Coca-Cola — only healthier. Jones joined Cheddar News and walked Hena Doba and Ken Buffa through the unusual recipe to have a taste for themselves.
Lower Manhattan's iconic Stone Street is getting a bubbly makeover. Champagne Nicolas Feuillatte will be 'unleashing the bubbles' throughout the month of June in New York City, with themed events, bubble ball pits, and special menu and drink experiences. Anne-Laure Domenichini, director of communications for Champagne Nicholas Feuillatte, joins Cheddar News' Closing Bell to discuss.
