Beachbody Goes Public
March 11, 2021
Fitness companies Beachbody LLC and Myx Fitness LLC will go public through a three-way merger with a blank-check firm affiliated with former TikTok chief Kevin Mayer, valuing the combined entity at around $2.9 billion.
Founded in 1998 by Carl Daikeler and Jon Congdon, Santa Monica-based Beachbody has over 3 million subscribers and offers more than 2,700 on demand videos, its website showed.
Beachbody said on Wednesday that on-demand, interactive cycling provider Myx will become a part of the parent, The Beachbody Company, which will operate three brands: Beachbody On Demand, Openfit and Myx.
The deal will be supported by a private investment of $225 million led by institutional investors such as Fidelity Management & Research Company LLC and Fertitta Capital.
SPACs like Forest Road are shell companies that raise funds to take a private company public. They have gained immense popularity in recent times, as they allow companies looking to enter public markets to avoid the hassles associated with an initial public offering.
Myx, which closely competes with the likes of Peloton Interactive Inc and SoulCycle Inc, provides one-on-one coaching and training customized to users' heart rate.
The combined entity will be listed on the New York Stock Exchange under the new ticker symbol "BODY".