“We are excited to partner with Forest Road and Myx Fitness, and are humbled by the proven team of executives and industry icons who have stepped forward to support our shared vision,” Beachbody Co-founder, Chairman and CEO Carl Daikeler said in the announcement. “We have seen incredible digital growth in recent years, which was further fueled in 2020 by a structural and lasting shift in how people embrace health and fitness.”
The Beachbody Company, which is based in Santa Monica, will become the parent of Myx, Openfit and Beachbody On Demand (BOD) upon the closing of the merger. It is anticipated that the transaction will close in Q2 2021 and the combined firm will be listed on the NYSE under the “BODY” ticker symbol.
Forest Road’s board of directors and the board of managers of Beachbody, in addition to Myx, have unanimously given the green light to the deal. Holders representing most of Beachbody equity interests and most of Myx equity interests have inked voting and support agreements consenting to vote for the deal.
Beyond Myx and Beachbody equity holder approvals, the deal will require the approval of Forest Road stockholders. The transaction is also “subject to other customary closing conditions, including the receipt of certain regulatory approvals,” according to the announcement.
The news comes as Echelon Fitness notched $65 million in financing as the internet-connected fitness firm capitalizes on pandemic-fueled growth. Its offerings include treadmills, rowing equipment and bikes, in addition to “an app experience that allows its members to participate in both live and on-demand fitness classes,” according to a press release announcing the financing.
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