California-based Beachbody to make debut on New York stock exchange

Beachbody Company is a home workout and media company based in Santa Monica, California. It is expected to make its debut in trading on the New York Stock Exchange on Monday. The company was expected to combine on Friday with a New York-based blank check company called Forest Road Acquisition for a deal valued at 2.9 billion USD. Beachbody is forecast to generate over 1 billion USD in 2021.

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Forest Road is a special purpose acquisition company (SPAC) that raised 300 million USD in a public offering in November. Forest Road will combine Beachbody with Myx Fitness, based in Greenwich, Connecticut, at the same time. Beachbody Company will also be renamed Beachbody Co Inc, reported Los Angeles Business Journal.

Forest Road includes former senior executives of Walt Disney Co such as Tom Staggs, the director and chairman of Forest Road’s strategic advisory committee, Salil Mehta, the chief financial officer, and Kevin Mayer, a strategic adviser. 

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Other directors and strategic advisers of the SPAC include former Los Angeles Lakers basketball player Shaquille O’Neal, former chief executive of FilmDistrict Distribution Peter Sclessel, Keith Horn, the founder and managing member of Loring Capital Advisors, Sheila Stamps, a director of Pitney Bowes Inc, Teresa Miles Walsh, founder of Access Media Advisory, and Martin Luther King III, the eldest son of the civil rights leader Martin Luther King Jr.

The newly formed business will trade under the symbol ‘BODY’. On the basis of pro forma, the combined revenue of Beachbody and Myx was 243.3 million USD in the first quarter of 2021, reported Los Angeles Business Journal.