NBCUniversal Sells Entire Stake In Peloton

Ezra Shaw/Getty Images; Inset: Todd Williamson/Getty Images
A Peloton exercise bike (inset: NBCUniversal CEO Jeff Shell)

In an SEC filing, NBCUniversal said it saw a $86 million gain on its investment in the fitness company in the second quarter of this year.

NBCUniversal is getting out of the fitness business.

The company has sold its entire stake in Peloton Interactive, the fitness company best-known for its in-home connected exercise bikes and streamed classes, it revealed in a filing with the Securities and Exchange Commission.

NBCUniversal had participated in Peloton's Series E and Series F fundraising rounds in 2017 and 2018, amassing a double-digit ownership stake in the company while it was still private. Peloton went public in September, 2019, significantly expanding its shareholder base and diluting its existing investors, including NBCU. At the end of 2019 the company said its investment in Peloton was $294 million.

In the SEC filing, NBCUniversal said it saw a $86 million gain on its investment in the company in the second quarter of this year. The company had previously sold about half its stake in Peloton, worth about $178 million, in the first quarter.

NBCUniversal has been looking for holdings to sell over the past year, as parent  company Comcast seeks to pay down its long-term debt and to invest in its Peacock streaming service. The company liquidated its $500 million stake in Snapchat late last year for a $293 million gain, and last month sold its Bluprint VOD service to a marketing firm.

In addition to being an investor in Peloton, NBCUniversal was also a content partner, including hosting classes from South Korea during the 2018 Winter Olympics.

The novel coronavirus pandemic has been a boon for the fitness company, with its stock more than tripling in value since mid-March as more people chose to exercise at home rather than in gyms. It isn't immediately clear when NBCUniversal sold its stake in the company, only that it happened between March 1 and the end of June.