Seven-Up Sold for $240 Million

Seven-Up, maker of the third most popular soft drink in the country, was sold for $240 million by Philip Morris today to an investment group that already owns Dr Pepper and A & W root beer.

The agreement with the investment firm Hicks & Haas to dispose of the U.S. holdings of Seven-Up follows a failed attempt by Philip Morris to sell the company to PepsiCo, the No. 2 soft drink company, this summer for $380 million. Seven-Up has been losing market share to industry leaders Coca-Cola and Pepsi in recent years.