Blackwells Capital, an activist group, is back to its call for PelotonCNBC has seen a presentation that suggests Barry McCarthy’s new chief executive, the connected-fitness company, may be willing to sell.

Blackwells has less than 5% ownership in Peloton, but believes that the strong brand and proprietary technology of Peloton, as well as engaging instructors, can make it a more appealing business.

However, Peloton’s founder, John Foley (former CEO) said that the change could not be achieved in the public market, especially since he retains the control of the company with his super-voting stock shares. 

Peloton shares increased more than 3% during premarket trades.

It is possible a little more than two months after Foley transitioned to executive chairmanMcCarthy is a former NetflixAnd SpotifyPeloton was taken over by an executive. Peloton’s demand for treadmills and bikes was declining, which led to a shakeup. Profits were also being affected by rising costs. Peloton plans to cut approximately $800 million annually and lay off nearly 2,800 employees in February.

Jason Aintabi (chief investment officer at Blackwells) stated in a statement that “Two Months have passed since John Foley was promoted to the position of Executive Chairman, and Barry McCarthy retired to assume the title of CEO.” It is remarkable that shareholders now have a worse situation than they did before.

CNBC reached out to Peloton for clarification but they didn’t respond immediately.

Financial Times first reportedBlackwells presentation.

This is a developing story. Keep checking back for more updates.