Flywheel kills its home bike but Peloton will take its riders

NEW YORK - In early February, Peloton Interactive and Flywheel Sports announced a settlement reached over a lawsuit of alleged technology theft. Both companies make and sell stationary exercise bikes that stream live and on-demand classes to riders. 

But Peloton's home bike and streaming service came first. The U.S. Patent and Trademark Office granted Peloton a patent in November 2015.

The patent covers the method of providing cycling classes to remote users by way of a digital communication network. The stationary bike has a display screen that works in real-time and shows riders' stats on a leaderboard.

As part of the settlement, Flywheel admitted that it copied Peloton's so-called leaderboard technology for its home bike and settled for an undisclosed amount.

Flywheel has agreed to shut down its at-home cycling classes. So what does that mean for everybody who bought Flywheel's at-home bike?

Peloton wants them.

"We have worked with Flywheel to create an exclusive opportunity for them to join the Peloton community by trading in their Flywheel Home Bike for a like-new Peloton Bike at no cost to them," Peloton said in a statement. "We look forward to welcoming these new members into the Peloton family."