Peloton Interactive Inc (NASDAQ:PTON) shares are seeing increased attention Wednesday on what appears to be continued momentum following the company's content distribution deal with Google's Fitbit.

What Happened: Peloton announced a multi-year content distribution partnership with Alphabet Inc (NASDAQ:GOOG) Tuesday afternoon to offer a wide portfolio of Peloton classes to Fitbit Premium users, starting in early September.

Peloton shares were up nearly 9% in premarket trading Wednesday before pulling back.

Under the new partnership, Fitbit Premium members will gain access to classes across more than 10 Peloton modalities. A select group of Peloton classes will also be available to Fitbit users without a Premium subscription. New content will be added to the app incrementally, and Peloton members will receive special offers for the Google Pixel Watch and Fitbit Charge 6 devices.

"We're thrilled to bring Peloton's classes and world-class Instructors to Fitbit users, and continue to establish Peloton as a one-stop shop for all types of fitness content," said Greg Hybl, senior vice president and general manager of Peloton for Business.

"Together we share a commitment to make health and wellness more accessible and ensure even more people can reach their fitness goals."

Peloton is due to report fiscal fourth-quarter financial results before the market open on Aug. 22. The company is expected to report a loss of 17 cents per share and revenue of $630.482 million, according to estimates from Benzinga Pro.

PTON Price Action: Peloton shares had given up all of their gains by publication time. The stock was down 3.64% at $2.91 at last check Wednesday, per Benzinga Pro.

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