GameStop has made a dramatic move to reshape its future, unveiling a $55.5 billion bid to acquire eBay in a deal that would instantly transform the brick-and-mortar chain into a major player in global online commerce. The unsolicited offer values eBay at $125 per share—a significant premium over its recent trading price—and signals an aggressive push by CEO Ryan Cohen to scale the company far beyond its retail roots.
According to the BBC, the proposal is structured as a 50-50 mix of cash and stock and comes with a clear warning: if eBay’s board rejects the offer, Cohen is prepared to take it directly to shareholders. To fund the deal, GameStop has secured a commitment from TD Securities for roughly $20 billion in debt financing.
Cohen also outlined a plan to cut $2 billion in costs within the first year of the merger, targeting inefficiencies in eBay’s sales and marketing operations.
GameStop’s bold approach reflects its ongoing transformation since the pandemic-era meme stock surge, when retail investors propelled the company into the spotlight. While the retailer still operates about 1,600 U.S. stores, it has been steadily pivoting toward e-commerce and collectibles, including digital trading card initiatives.
The company reported net income of $418.4 million in 2025, a sharp increase year-over-year, even as overall sales declined.
In a letter to eBay, Cohen said the combined company would leverage GameStop’s physical footprint to expand into “live commerce” and other hybrid retail models. He also pledged to forgo a traditional compensation package, stating he would be “compensated solely based on the performance of the combined company.”
Industry analyst Sucharita Kodali of Forrester Research offered a more cautious take, telling the BBC that the proposal “does not sound like a terribly good offer,” adding, “The truth is, we are not necessarily putting two strong companies together.”
Founded in 1995, eBay was once a dominant force in online marketplaces but has seen its user base shrink from 175 million in 2018 to 136 million as competition from Amazon and others intensified.
Despite its scale—roughly four times GameStop’s valuation—the platform has struggled to sustain growth in recent years.
Markets reacted quickly to the news. eBay shares jumped more than 13% in after-hours trading, while GameStop saw gains of around 4% to 6%.
The bid also aligns with Cohen’s previously stated goal of building GameStop into a $100 billion retail force.
