Beachbody To Become Publicly Traded Company

(RTTNews) - Beachbody Company Group LLC said that it plans to become a public company by entering into a definitive three-way merger agreement with Forest Road Acquisition Corp. (FRX), a publicly traded special purpose acquisition company, and Myx Fitness Holdings LLC.

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, 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".

Beachbody will continue to be led by Carl Daikeler, Beachbody's co-founder, Chairman and Chief Executive Officer and Jon Congdon, co-founder of Beachbody and CEO of Openfit.

Beachbody management and shareholders are rolling over 100% of their equity stake and will own about 84% of the pro forma business at close.