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Beyoncé, Peloton Announce Multiyear Partnership: What Investors Should Know

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Beyoncé, Peloton Announce Multiyear Partnership: What Investors Should Know

Peloton Interactive (NASDAQ: PTON) has teamed up with Beyoncé, and the exercise company's shares were trading higher premarket Tuesday following the announcement of a multiyear partnership with the pop star. 

What Happened: Beyoncé and Peloton will work closely to create a series of themed workout experiences to help extend Homecoming to Peloton members via classes across multiple fitness categories such as indoor cycling, running, strength, bootcamp, yoga and meditation. 

New Student Initiative Launched: Peloton says it will also be gifting two-year Peloton Digital memberships to students at 10 historically Black colleges and universities, providing access to a library of fitness classes through the Peloton App that can be used with or without equipment.

The digital memberships will go to students at Bennett College, Clark Atlanta University, Grambling State University, Hampton University, Howard University, Morehouse College and Morehouse School of Medicine, Spelman College, Texas Southern University and Wilberforce University by the end of November.

"Peloton and I both believe that the power of music can help uplift, motivate and inspire those on their fitness journeys," Beyoncé said in a statement.

"I've been a Peloton member for several years, and I'm excited to partner with a company that helps people, young and old, be the best versions of themselves, in an innovative and adaptable way. I'm proud to celebrate the students at HBCUs with this donation, to encourage them to find and embrace their own wellness regimens," she said. 

PTON Price Action: Peloton shares were trading 3.51% higher at $103.52 in Tuesday’s premarket session. Peloton's stock has a 52-week high of $139.75 and a 52-week low of $17.70.

Related Link: After Peloton's Q1 Beat, Analyst Forecast Supply Chain Challenges

Photo by Driely S. Carter. 

 

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