The deal comes at a time when Coke is battling slumping sales growth of its carbonated beverages and Warner Bros. is hoping for a blockbuster hit - something that has been on the lighter side at the studio in recent years. "This important partnership with Warner Bros. Pictures and the release of Harry Potter and the Sorcerer's Stone' marks one of the largest global entertainment initiatives ever undertaken by the Coca-Cola Co.," said Steve Jones, senior vice president and chief marketing officer at Coca-Cola, in a statement. The pact, which sources close to the deal said was valued at $150 million, also represents the first time Warner Bros. Pictures will use a marketing pact of this magnitude with the same sort of global impact, the company said in a statement.