In a filing with the Securities and Exchange Commission, NBCUniversal said that it had sold about half of its stake in Peloton Interactive, the fitness company that broadcasts live-streaming workout videos to users of its exercise equipment.
As media and entertainment companies seek cash and liquidity amid the coronavirus pandemic, NBCUniversal continues to take a close look at its portfolio of investments.
NBCUniversal, led by CEO Jeff Shell, converted more than 10.3 million Peloton Class B shares into Class A shares, and subsequently sold 5.2 million of those shares for $34.21 each, netting the company about $178 million. NBCU still holds more than 5.1 million shares in Peloton. It is not immediately clear whether the company intends to hold on to those shares or liquidate them.
NBCU owned 19.1 percent of Peloton’s shares as of Oct. 31, 2019; however, the fitness company has significantly expanded its share base after the IPO, which would suggest that NBCU's stake was effectively below 4 percent. Peloton's lockup period for insiders expired in late February, allowing certain employees and early investors to begin selling their stakes.
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