GameStop has officially bid $56 billion to buy eBay, a company four times its size. CEO Ryan Cohen announced the unsolicited offer on Sunday night, proposing $125 per share in a half-cash, half-stock deal. The move aims to combine GameStop's retail presence with eBay's online marketplace amid the retailer's pivot to collectibles like Pokémon cards.
Rumors of GameStop's interest in eBay surfaced at the end of last week. On Sunday night before markets opened, the video game retailer formalized its bid at $125 a share, a significant premium over eBay's recent average of around $90. GameStop CEO Ryan Cohen described the potential merger as a 'match made in heaven,' citing synergies in selling used games, retro titles, and trading card games like Pokémon and Magic: The Gathering cards. eBay previously acquired TCG Player in 2022, a platform popular for such collectibles. GameStop reported $9.4 billion in cash and liquid investments as of January 31, 2026, bolstered by Bitcoin purchases and store closures. The deal includes up to $20 billion in financing from TD Securities, with Cohen planning to issue additional stock to cover the remaining $14 billion gap. During a CNBC interview on Monday, Cohen dodged questions on funding details, stating, “I don’t understand your question. We’re offering half cash, half stock, and we have the ability to issue stock in order to get the deal done, but the full details of the offer are on our website.” He confirmed no prior outreach to eBay and plans for Cohen to lead the combined entity, compensated based on future stock performance. Cohen envisions $2 billion in cost cuts and leveraging GameStop's 1,600 stores for improved shipping and authentication. GameStop’s board unanimously supports the proposal. Observers note eBay's stronger revenue from transaction fees compared to GameStop's retail model, drawing comparisons to Blockbuster eyeing Netflix.
