By Reuters Staff
2 Min Read
(Reuters) - Fitness companies Beachbody LLC and Myx Fitness LLC will go public through a three-way merger with a blank-check firm affiliated with former TikTok chief Kevin Mayer, valuing the combined entity at around $2.9 billion.
Beachbody said on Wednesday that on-demand, interactive cycling provider Myx will become a part of the parent, The Beachbody Company, which will operate three brands: Beachbody On Demand, Openfit and Myx.
The deal will be supported by a private investment of $225 million led by institutional investors such as Fidelity Management & Research Company LLC and Fertitta Capital.
Forest Road Acquisition Corp, a special purpose acquisition company (SPAC), is led by Keith Horn, a former chief operating officer at hedge fund Elliot Management Corp. Former TikTok CEO Kevin Mayer is a strategic adviser to the company.