Yes, PepsiCo previously owned KFC. The acquisition happened in 1986 when PepsiCo purchased the fried chicken giant from the food and tobacco conglomerate R. J. Reynolds. During this era, PepsiCo built a massive restaurant empire that also included Pizza Hut and Taco Bell. The strategy was to create a "locked-in" market for Pepsi soft drinks across thousands of global outlets. However, in 1997, PepsiCo decided to refocus on its core snack and beverage business and spun off its restaurant division into an independent company called Tricon Global Restaurants. In 2002, Tricon changed its name to Yum! Brands, which still owns and operates KFC today. While the companies are now separate, a long-term partnership remains in place, which is why you will still find Pepsi products almost exclusively at KFC locations worldwide.