Despite the bumpy rides experienced by other recent tech IPOs, such as Uber and Lyft this year, the exercise company Peloton plans to go public on Thursday, at a price that suggests it’s worth up to $8 billion. But Peloton faces a challenge: It doesn’t just sell exercise equipment, it creates content, which relies on music the company doesn’t own. And since March, Peloton has been embroiled in a lawsuit with music publishers over its use of more than 2,000 tracks.

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