Coca-Cola Co. will diversify further into the entertainment industry by acquiring Embassy Communications and Tandem Productions for a mix of stock and cash totaling $485 million, Coca-Cola announced yesterday.

The two companies were jointly owned and privately held by businessman Jerry Perenchio and Norman Lear, the television producer and creator of such television comedies as "All in the Family."

The soft drink giant already owns Columbia Pictures Inc., which it purchased in 1982 for more than $800 million.

Embassy will be acquired for Coca-Cola stock, while Tandem will be acquired for cash, said Francis T. Vincent Jr., president of the entertainment business sector of Coca-Cola.

Embassy will continue as a television production company with particular emphasis on half-hour TV comedies, Vincent said. He added that there "will not be very much change" for Embassy as a result of the acquisition.

"We are basically buying two things:" Vincent said. "Two attractive, ongoing production companies and a magnificent television library product that we think over time will be of increasing value."

The purchase gives Coca-Cola a strong position in the fast-growing billion-dollar television syndication market -- the market where reruns and other television programs are sold to independent television stations and to network affiliates for non-prime-time broadcasts.

Embassy has a rich library of comedy shows in syndication, including "All in the Family," "The Jeffersons," "Maude," "One Day at a Time" and "Mary Hartman, Mary Hartman."

Currently, Embassy has several comedies now on network television, including "Different Strokes," "The Facts of Life" and "Silver Spoons."

"It's a good comedy store," said one source close to the transaction. "If you look at Columbia Television, you see there's not too much comedy. It's a good fit."

"From Columbia's standpoint, the potential syndication assets will give them a much more commanding presence in the syndication market," said an executive at a competing Hollywood studio.

However, Embassy Communications and Tandem will operate independently from Columbia. But "the fact that it isn't going to be a part of Columbia doesn't mean we won't be looking for synergies," Vincent said.

While at least one analyst described the $485 million purchase as "pricey," Vincent pointed out that that is the price before debt. Coca-Cola plans to sell off many of the "television receivables" -- that is, the existing contracts that stations pay to run Embassy's programs -- "the company's net investment will be $130 million."

While many of Embassy's television programs have proven successful both on network and in syndication, Tandem Production's movie record is less impressive. The company has produced films such as "The Sure Thing," "Eddie & The Cruisers" and "This is Spinal Tap" to relatively poor box-office showings.

Coca-Cola insiders maintain that the movie side of their acquisition may be spun off. Similarly, though Embassy's home-video arm that markets videocassettes has been profitable, it conflicts with Columbia's arrangements with RCA. Consequently, Vincent said that Embassy Home Video may soon be on the block. He said the sale price of that subsidiary is figured into Coca-Cola's overall estimate that it is paying a net of $130 million for Embassy and Tandem.

Both Lear and Perenchio will leave after the acquisition. Perenchio is negotiating to buy the Loew's Theater chain. Lear, in a statement, said he wants to resume writing and directing.