It’s disheartening
Peloton is pedaling away from yet another PR controversy involving the health of a character on a major TV show.
The embattled tech fitness company drew some more unwanted attention this weekend following the season premiere of Showtime’s “Billions” series, which featured the character Mike “Wags” Wagner suffering a heart attack while riding a Peloton bike.
Peloton said in a statement Sunday that it did not give “Billions” permission to use the brand on the show.
“We get TV shows want to include @onepeloton to get people talking, but to be clear, we did *not* agree for our brand or IP to be used on @SHO_Billions or provide any equipment,” the company said on Twitter.
While the “Billions” character survives, the plotline was eerily similar to a viral moment on the season premiere of HBO’s “Sex and the City” reboot “And Just Like That . . .,” when Carrie Bradshaw’s husband Mr. Big dies following a Peloton ride.
“Billions” producer and co-creator Brian Koppelman said it was a coincidence — though he acknowledged Wagner’s line referencing the show was added in post-production.
“That was all in the show, written a year ago and shot in April,” Koppelman told USA Today.
“It would be completely out of our character not to take a swing,” Billions executive producer Beth Schacter added. “It’s too good. We’re going to make the joke.”
Showtime did not immediately respond to a request for comment.
Not working out
The latest incident surfaced as Peloton contends with a wave of negative publicity regarding its core business. Last week, the firm’s stock plunged after CNBC reported the company was forced to halt production of its bikes and treadmills due to sagging demand.
Peloton CEO John Foley later denied the CNBC report.
The Post reported Peloton is delaying the opening of its $400 million factory in Ohio from 2023 to 2024 due to excess inventory.
‘Too big & too damaged’
An activist investor firm demanded Monday that Peloton fire Foley and explore a sale of the company following what it described as his “repeated failures to effectively lead.”
In a scathing letter to Peloton’s board of directors, Blackwells Capital called for Foley to be fired “immediately.” The firm argued that various missteps on Foley’s part resulted in Peloton effectively squandering the sales boom it experienced in the early days of the COVID-19 pandemic.
“Remarkably, the Company is on worse footing today than it was prior to the pandemic, with high fixed costs, excessive inventory, a listless strategy, dispirited employees and thousands of disgruntled shareholders,” the letter says.
Peloton surged in value as homebound Americans invested in home fitness options during lockdowns. But shares have plunged more than 80% over the last 12 months.
Blackwells accused Foley of misleading Peloton’s investors about the company’s capital needs, “vacillating on pricing strategy” and hiring his wife as an executive, among other alleged failings.
“We believe that no Board exercising reasonable judgment could leave Mr. Foley in charge of Peloton. The Company has gotten too big, too complex and too damaged for Mr. Foley to lead it. And he should have enough self-awareness and enough self-interest, to resign as a director,” the letter adds.
The firm floated several major companies, including Apple, Disney, Sony and Nike, as firms to engage on a potential acquisition.