GameStop's Ryan Cohen weighs pulling $56 billion eBay bid

GameStop's Ryan Cohen weighs pulling $56 billion eBay bid

Mon, August 10, 2026 at 8:10 PM GMT+3 2 min read

• GME -0.73%
• EBAY -3.12%

GameStop CEO Ryan Cohen is considering withdrawing the company's $56 billion takeover bid for eBay and may instead propose a partnership or joint venture, according to Bloomberg, citing unnamed sources.

Under the potential arrangement, GameStop's approximately 1,600 U.S. stores would give eBay a physical retail footprint to build its presence in categories like trading cards and collectibles. As part of any such deal, GameStop would seek seats on eBay's board. GameStop has not made a final decision, and Cohen could still pursue other options, Bloomberg added.

GameStop stock was up about 1.1% in Monday morning trading, while shares of eBay and GameStop moved in opposite directions following the report — eBay stock climbed as much as 4.6% before pulling back to a gain of around 1.7%.

The shift in strategy comes after eBay's board rejected the original unsolicited offer in May, calling it "neither credible nor attractive." eBay's board raised objections about deal financing, combined-company governance, and Cohen's compensation structure. The original $125-per-share proposal was split evenly between cash and GameStop stock, implying an equity value of roughly $55.5 billion for eBay — a company worth nearly six times GameStop's own market value at the time. The financing plan relied on approximately $9.4 billion in cash reserves and up to $20 billion in debt backed by a commitment letter from TD Securities.

In July, GameStop disclosed it had increased its eBay stake to 9.75%, making it eBay's second-largest shareholder behind Vanguard Group funds. Cohen publicly stated at the time that he intended to close a deal regardless of the obstacles.

GameStop shares have lost 28% of their value since the original offer was floated in May, a period during which eBay stock has gained 7.6%. eBay closed Friday at $111.98, giving it a market value of $49.8 billion.

The two companies are structured very differently. eBay's business is built around a fee-based online marketplace that connects buyers with sellers, whereas GameStop operates physical stores where it acquires and resells merchandise directly. eBay's platform still draws substantial activity, with annual spending of around $80 billion and approximately 136 million buyers completing transactions in the year through March 31.

Earlier this month, GameStop agreed to exchange approximately $1.4 billion in convertible senior notes for shares of its Class A common stock, reducing long-term debt without spending cash. Representatives for both companies did not immediately respond to requests for comment.