Peloton Rises on Partnership With Beyonce for Workout Series
Peloton Surges After Fitness Partnership With Beyonce
(Bloomberg) -- Peloton Interactive Inc. rose on Tuesday after the fitness technology company announced a multi-year partnership with Beyonce Knowles to produce a series of workouts for its members.
Its shares rose as much as 8.6%, the most since Sept. 25, after it said it’s collaborating with Knowles, the most requested artist by Peloton’s global community of more than 3.6 million members, according to a statement.
The partnership will commemorate homecoming season at historically Black colleges and universities. Both Peloton and Knowles are also giving away two-year digital memberships to students at 10 of the institutions.
Peloton rose after getting pummeled Monday on news of progress toward a vaccine developed by Pfizer Inc. and BioNTech SE. Peloton’s shares have benefited this year as Covid-19 lockdown measures globally sent demand surging for its fitness equipment as consumers stayed at home. The company is now up about 245% in 2020 after previously climbing more than fourfold.
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