Peloton Interactive Inc. is seeking to sell a stake of about 20% as part of a push to turn around the embattled fitness company, according to a person familiar with the situation.

The hope is to find a big-name corporation or private equity firm that can help validate the business with its investment, said the person, who asked not to be identified because the deliberations are private. Peloton has been contacting potential buyers, the person said, though the process remains at any early stage.

Peloton, based in New York, declined to comment on the potential sale, which was previously reported by the Wall Street Journal.