Coke is expected to announce the sale of a unit.

Coca-Cola Co., which acquired Embassy Communications last year, is expected to announce a letter of intent to sell the Embassy Home Entertainment unit to a group led by the subsidiary’s chairman and chief executive, Andre Blay. The New York investment banking firm of Bear, Stearns & Co. is believed to be arranging Blay’s financing for the deal. Prior to his stint at Embassy, Blay served as president of Magnetic Video, a pioneering home-video company that he founded and sold to 20th Century Fox in 1979.