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Former Disney executives Mayer and Staggs plan new SPAC-source

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Joshua Franklin
·1 min read
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By Joshua Franklin

Feb 18 (Reuters) - Former Walt Disney Co executivesKevin Mayer and Thomas Staggs plan to raise $300 million in aninitial public offering for a new special purpose acquisitioncompany (SPAC), a person familiar with the matter said onThursday.

The duo's first SPAC, Forest Road Acquisition Corp,agreed a three-way merger last week with fitness companiesBeachbody LLC and Myx Fitness LLC that was valued at around $2.9billion.

Former basketball star Shaquille O'Neal, who is also on theboard of directors at pizza chain Papa John's International Inc, and Martin Luther King III, the oldest son of civilrights leader Martin Luther King Jr, are working for Forest RoadII as a strategic advisor and a director, respectively, thesource said.

Mayer and Staggs will serve as co-chief executives andco-chairmen of the new SPAC, the source said. They had workedwith the first Forest Road SPAC as a strategic advisor anddirector, respectively.

The source requested anonymity ahead of a regulatorydisclosure on the SPAC IPO.

Mayer was Disney's top streaming executive before he leftthe media giant last year to become the chief executive ofpopular video app TikTok. He departed the company three monthsafter joining. Staggs worked at Disney for 26 years and heldvarious roles including chief operating officer.

SPACs are shell companies that raise funds to take a privatecompany public. They have gained immense popularity since lastyear, as they allow companies to go public by eschewingtraditional IPOs.

A string of high-profile SPACs have been raised in the last12 months, including by financial investors William Ackman andBarry Sternlicht, former U.S. House Speaker Paul Ryan and ex-NFLquarterback Colin Kaepernick.(Reporting by Joshua Franklin in MiamiEditing by Greg Roumeliotis)