Beachbody Co. Group, a Santa Monica-based home workout video and fitness program company, is expected to debut in trading on the New York Stock Exchange on June 28.
The business, which will be renamed Beachbody Co. Inc., was expected to complete its business combination on Friday with a New York-based blank check company in a deal valued at $2.9 billion.
Beachbody is forecast to generate more than $1 billion in revenue in 2021.
The blank check company, called Forest Road Acquisition Corp., is combining BeachBody with Greenwich, Conn.-based home fitness business Myx Fitness Holdings at the same time. Myx makes a line of stationary cycles.
Forest Road is a special purpose acquisition company, or SPAC, that raised $300 million in a public offering in November. A private placement in public equity, or PIPE, investment will add an additional $225 million from institutional investors, including Fidelity Management & Research Co. and Fertitta Capital. It will have about $300 million in cash on its balance sheet.
The Forest Road team includes former Walt Disney Co. senior executives Tom Staggs, director and chairman of the SPAC’s strategic advisory committee; Kevin Mayer, a strategic adviser; and Salil Mehta, chief financial officer.
Other Forest Road directors and strategic advisers include former Los Angeles Lakers star Shaquille O’Neal; Peter Schlessel, former chief executive of FilmDistrict Distribution, a Santa Monica-based independent movie distribution company; Keith Horn, founder and managing member of Loring Capital Advisors, a firm providing investment advisory and consulting services to hedge fund managers and early stage businesses; Sheila Stamps, a director of Pitney Bowes Inc.; Teresa Miles Walsh, founder of Access Media Advisory, a boutique corporate advisory firm; and Martin Luther King III, the oldest son of civil rights leader Martin Luther King Jr.
The newly combined businesses will trade under the ticker symbol BODY.
On a pro forma basis, the combined revenue of Beachbody and Myx was $243.3 million in the first quarter of 2021, up 43% from the same year-ago period.
