Forest Road Acquisition Corp., a special purpose acquisition vehicle (or SPAC) backed by the eponymous entertainment finance firm with a Hollywood-heavy roster of advisors has found its target, announcing plans to buy digital fitness specialist Beachbody Company and take it public.The transaction involves a three-way merger between the Forest Road SPAC, Myx Fitness Holdings, an at-home connected fitness platform, and Santa Monica-based Beachbody.
The deal values the combined business at $2.9 billion and is expected to add over $420 million of cash to the balance sheet.This is one of the first high-profile entertainment SPAC-backed acquisitions by a new crop of financial vehicles also called “blank check” companies.
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