30 Jun 2021
Beachbody merges with Myx Fitness and lists on the New York Stock Exchange
BY Tom Walker
The Beachbody Company Group has completed a three-way merger with connected fitness specialist Myx Fitness Holdings and Forest Road Acquisition, a special purpose acquisition company.
Following the deal, the combined company – named The Beachbody Company – went public and began trading on the New York Stock Exchange (NYSE). Beachbody is the parent company of the Beachbody On Demand streaming platform (BOD) and the live digital streaming platform Openfit.
The combined business will add significant cash to the balance sheet, designed to position Beachbody to deliver growth in the digital fitness space, while scaling the Myx business and expand the merged business internationally.
Carl Daikeler, co-founder, chair and CEO of Beachbody, said: “This marks an important milestone in Beachbody’s mission to help more people achieve their goals and lead healthy, fulfilling lives.
“As a public company, we aim to accelerate our growth and introduce many more people to our proven fitness and nutrition solutions.
"With this transaction, we will deploy capital to grow our platform, add connected fitness hardware through the acquisition of Myx and continue to create the most exciting and innovative in-home fitness content.”
Daikeler will continue to lead the company and the Beachbody On Demand platform.
Jon Congdon, Beachbody’s co-founder and Openfit’s CEO, will continue to lead the Openfit digital platform, and Heberto Calves will remain in his role as president of Myx, reporting to Daikeler.
Forest Road’s Strategic Advisor Kevin Mayer, who previously served as CEO of TikTok and chief strategy officer for Disney, will join the company’s board of directors.
As of 31 March 2021, Beachbody had 2.8 million total digital fitness subscribers, a nationwide peer-support system of 400,000 influencers and coaches, plus a portfolio of branded nutrition products.
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