Peloton expands nationally rental program for bikes and classes, starting at $89 per month


Peloton Interactive Inc. PTON, -8.55% announced Tuesday that its rental program was expanding nationally, allowing unlimited access to all of the at-home fitness company’s live and on-demand classes from $89 per month for the original Peloton Bike. The program, which was launched in select test markets earlier this year, would provide month-to-month membership, with no long-term commitment. The $89-per-month membership for Peloton Bike would require a one-time $150 set up fee, and cost $895 to buy after 12 months. For Peloton Bike+, membership would be $119 per month after a $150 one-time set up fee, and would cost $1,595 to buy after 12 months. The news comes after Peloton said late Monday that co-Founder John Foley, who stepped down as chief executive in February, has resigned effective immediately, and cd-Founder and Chief Legal Officer Hisao Kushi will resign effective Oct. 3. The stock, which dropped 5.3% premarket, has tumbled 69.1% year to date through Monday, while the S&P 500 SPX, -2.63% has shed 13.8%.

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