- Forest Road Acquisition (FRX) stock jumps ~24% premarket, on three-way merger announcement with The Beachbody Company Group and Myx Fitness Holdings at $2.9B valuation.
- Upon closing of the transaction in 2Q21, The Beachbody Company will be the parent company of three premium content and technology-driven businesses: Beachbody On Demand (BOD), Openfit and Myx and will list on NYSE under a new ticker symbol 'BODY'.
- Beachbody management and shareholders are rolling over 100% of their equity stake and will own ~84% of the pro forma business at close. A quick look at pro forma ownership:
- Transaction will add over $420M of cash to the balance sheet, including a committed PIPE of $225M, led by institutional investors including Fidelity Management & Research Company LLC and Fertitta Capital.
- The Beachbody Company's historical and projected financials:
