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Updated from 1:39 p.m. ET

Warner Brothers

, has named

Coca Cola

(KO) - Get Coca-Cola Company (The) Report

the sole global marketing partner for the upcoming movie,

Harry Potter and the Sorcerer's Stone


Besides tie-ins with its flagship soft drink, Coke's marketing programs will include its "kids portfolio" of

Minute Maid



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juices and juice drinks.

Coke also has first shot at marketing for the movie's video release. The film, based on the best-selling book series about a young wizard, will make its debut Nov. 16.

A Coke official close to the deal did not dispute reports valuing the multi-year agreement at $150 million.

Warner chose Coke because of its size and experience, said Diane Nelson, Warner's senior vice president of family entertainment corporate marketing and planning. Warner sought a partner with global reach, a strong brand and a commitment to a unique marketing program.

"Coca Cola was the only one who was able to do all of those things. They understood the property and were able to demonstrate how they would give something back to the consumer and stay true to the spirit of Harry Potter," Nelson said.

The multi-year agreement also requires Coke to develop reading initiatives in its various markets.

The deal, which was revealed Tuesday morning, had lost some of its luster by late afternoon. Coke gained in the morning, but ended the day down 96 cents, or 1.6%, to $58.40 on the

New York Stock Exchange

trading. AOL fell $3.41, or 7%, to $44.95.

Also Tuesday, Coke reaffirmed that it is comfortable with earnings estimates for 2001. The company, announced at the end of January that earnings for the year would be between $1.67 and $1.80. Fifteen ananlysts polled by

First Call/Thomson Financial

pegged Coke's earnings at $1.73 a share.