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.
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