Peloton is a media company now, with media company problems

Jessica Fernandez uses Peloton about two hours a day — maybe even four if she’s training for a marathon. In her house, you’ll find not one but two Peloton machines. There’s the bike that the company is known for, and in her garage, there’s the company’s smaller treadmill. A rack of running medals hangs on the wall right near it. On our video call, she shows up in a Peloton shirt, a little shy, but her enthusiasm practically buzzes through the screen.

Many owners of Peloton bikes wind up using them as very expensive drying racks; Fernandez is not one of those people. Her love for the beleaguered fitness company stretches back to 2018. On a day-to-day basis, she has her regular workout. That includes runs, bike, strength, or bootcamp...

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