The Beachbody Company, Forest Road Acquisition Corp. and Myx Fitness Enter Three-Way Merger
The Transaction Values the Combined Company at $2.9 Billion and is Expected to Add Over $420 Million of Cash to the Balance Sheet, Including a Committed PIPE of $225 Million, Led by Institutional Investors Including Fidelity Management & Research Company LLC and Fertitta Capital
With This Transaction, Beachbody Will Be Poised to Scale its Growing Platform of Over 2.6 Million Paid Digital Subscribers into the Connected Fitness Space While Also Accelerating International Expansion, Enhanced Innovation and Opportunistic M&A
SANTA MONICA, Calif. & NEW YORK--(BUSINESS WIRE)--The Beachbody Company Group, LLC (“The Beachbody Company,” “Beachbody” or “the Company”) announced today its intention to become a public company by entering into a definitive three-way merger agreement with Forest Road Acquisition Corp. (NYSE: FRX) (“Forest Road”), a publicly traded special purpose acquisition company, and Myx Fitness Holdings, LLC (“Myx Fitness” or “Myx”), an at-home connected fitness platform featuring an industry leading bike and home studio.
Upon closing of the business combination transaction, The Beachbody Company will be the parent company of three premium content and technology-driven businesses: Beachbody On Demand (BOD), Openfit and Myx. The transaction is expected to close in the second quarter of 2021 and the combined company will be listed on the NYSE under a new ticker symbol, “BODY”.
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