The Beachbody Company Group, LLC (“Beachbody”) today announced
the three-way business combination with Myx Fitness Holdings, LLC
(“Myx”) and Forest Road Acquisition Corp. (NYSE:FRX) (“Forest
Road”) was completed on June 25, 2021, creating the leading
subscription health and wellness company for the mass market. The
combined company is named The Beachbody Company, Inc. (the
“Company”) and its shares of Class A common stock and warrants are
expected to start trading on the New York Stock Exchange (“NYSE”)
today, June 28, 2021, under the new ticker symbols “BODY” and “BODY
WS,” respectively.
“This marks an important milestone in Beachbody’s mission to
help more people achieve their goals and lead healthy, fulfilling
lives,” said Carl Daikeler, Co-Founder, Chairman and Chief
Executive Officer of Beachbody. “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.”
Mr. Daikeler will continue to lead the Company and the Beachbody
On Demand platform. Jon Congdon, Beachbody’s Co-Founder and
Openfit’s Chief Executive Officer, will continue to lead the
Openfit digital platform, and Heberto Calves will remain in his
role as President of Myx, reporting to Mr. Daikeler. Forest Road’s
Strategic Advisor Kevin Mayer, who previously served as Chief
Executive Officer of TikTok and Chief Strategy Officer for Disney,
will join the Company’s board of directors.
“Beachbody is a company that has been on the leading edge of
content creation since its inception 22 years ago and has built a
complete solution that brings together fitness and nutrition
subscriptions and delivers results for customers as well as value
for the company,” Mr. Mayer said. “With a subscription base that is
the largest in connected fitness, supported by a founder-led
management team that has proven its ability to innovate, I could
not be more thrilled to join the board and help guide this company
in its next chapter of growth.”
The combined business will add significant cash to the balance
sheet, positioning the Company to deliver meaningful growth as it
accelerates customer acquisition, scales the Myx business, expands
internationally and engages in opportunistic M&A. Forest Road’s
stockholders approved the business combination at a stockholders’
meeting on June 24, 2021.
Advisors
The Raine Group LLC (“Raine”) acted as exclusive financial
advisor to Beachbody. Credit Suisse (USA) LLC (“Credit Suisse”)
acted as lead capital markets advisor to Beachbody. BofA
Securities, Inc. acted as an additional capital markets advisor to
Beachbody. Latham & Watkins LLP and Cozen O’Connor C.P. acted
as legal advisors to Beachbody.
Credit Suisse acted as lead placement agent and Raine and Cantor
Fitzgerald & Co. acted as placement agents on the private
placement. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted
as legal advisor to Credit Suisse on the private placement.
Guggenheim Securities, LLC acted as lead financial and capital
markets advisor to Forest Road. Greenhill & Co, LLC acted as
financial advisor to Forest Road. Robert W. Baird & Co.
Incorporated acted as an additional capital markets advisor to
Forest Road. Kirkland & Ellis LLP and Ellenoff Grossman &
Schole LLP acted as legal advisors to Forest Road.
Greenberg Traurig, LLP acted as legal advisor to Myx
Fitness.
About The Beachbody Company, Inc. Headquartered in
Southern California, Beachbody is a leading digital fitness and
nutrition subscription company, with over two decades of creating
innovative content and powerful brands. The Beachbody Company is
the parent company to the Beachbody On Demand streaming platform
(BOD), the live digital streaming platform Openfit and Myx fitness,
the company’s connected fitness brand. As of March 31, 2021, the
Company had 2.8 million total digital fitness subscribers, a
nationwide peer-support system of over 400,000 influencers and
coaches, plus a premium portfolio of branded nutrition
products.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. All statements other
than statements of historical fact contained in this release,
including statements regarding the Company’s future operating
results and financial position, business strategy and plans,
objectives of management for future operations are forward-looking
statements. These statements are based on the Company’s current
expectations, assumptions, estimates and projections. These
statements involve known and unknown risks, uncertainties and other
important factors that may cause the Company’s actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Forward-looking statements are
based on management’s current expectations and assumptions
regarding the Company’s business, the economy and other future
conditions.
In some cases, you can identify forward-looking statements by
terms such as "believe," "project," "expect," "anticipate,"
"estimate," "intend," "strategy," "future," "opportunity," "plan,"
"may," "should," "will," "would," "will be," "will continue," "will
likely result" or the negative of these terms or other similar
expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including, without limitation,
those factors described in the Company’s filings with the
Securities and Exchange Commission.
Because forward-looking statements are inherently subject to
risks and uncertainties, some of which cannot be predicted or
quantified, you should not rely on these forward-looking statements
as predictions of future events. Forward-looking statements speak
only as of the date they are made. New risks and uncertainties
arise over time, and it is not possible for the Company to predict
those events or how they may affect the Company. If a change to the
events and circumstances reflected in the Company’s forward-looking
statements occurs, the Company’s business, financial condition and
operating results may vary materially from those expressed in the
Company’s forward-looking statements. If a change to the events and
circumstances reflected in the Company’s forward-looking statements
occurs, the Company’s business, financial condition and operating
results may vary materially from those expressed in the Company’s
forward-looking statements. Except as required by applicable law,
the Company does not plan to publicly update or revise any
forward-looking statements contained herein, whether as a result of
any new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210628005224/en/
ICR BODYPR@icrinc.com
Forest Road Acquisition (NYSE:FRX)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Forest Road Acquisition (NYSE:FRX)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024