GameStop is reportedly preparing a bid to buy eBay, a move that could reshape the company’s future. This potential deal has caught the attention of Wall Street and investors, with shares of eBay jumping more than 13% after the news broke. The move signals GameStop’s ambitious plan to transform from a struggling retailer into a major player in the e-commerce world.

GameStop’s Growing Ambitions and Financial Backing

GameStop has been quietly building a stake in eBay ahead of making a formal offer, according to reports. The company’s CEO, Ryan Cohen, is leading this push, aiming to acquire eBay for around $46 billion. This is a significant premium, considering eBay’s current market cap, and shows Cohen’s confidence in his vision for the future of online shopping.

The deal would be largely financed by GameStop’s own cash reserves, which totaled about $9 billion at the start of 2026. This cash pile has grown through strategic stock offerings and a focus on trimming unprofitable retail stores. While that amount wouldn’t fully cover eBay’s valuation, it indicates Cohen’s ability to fund a large part of the acquisition without immediately diluting shareholders.

Cohen, known for building the pet supplies e-tailer Chewy before selling it, has set ambitious goals for GameStop. His recent performance-based stock options could be worth up to $35 billion if certain milestones are met, including reaching a $100 billion market value and generating $10 billion in EBITDA. This “moonshot” plan puts a lot of pressure on rapid growth and transformation.

The Strategic Value of Acquiring eBay

eBay’s marketplace is a well-established platform with roughly 130 million active buyers. Over the years, eBay has streamlined its business by offloading divisions like Classifieds and StubHub, focusing instead on its core marketplace. This makes it an attractive acquisition target, offering a predictable revenue stream and strong brand recognition since its launch in the mid-1990s.

For GameStop, acquiring eBay would be a game-changer. It would instantly give the company a massive digital footprint, combining eBay’s marketplace infrastructure with GameStop’s retail and online assets. This could help GameStop move beyond just selling used video games and become a broader e-commerce player, competing more directly with giants like Amazon.

However, the success of such a deal depends on eBay’s leadership. Neither company has publicly commented on the potential acquisition, and convincing eBay’s shareholders to accept GameStop stock as part of the payment could be a challenge. The deal would likely involve a mix of cash and equity, with the volatile nature of GameStop’s stock adding an extra layer of complexity.

Overall, this move highlights how GameStop is trying to reinvent itself in a rapidly changing retail landscape. Whether the bid comes to fruition or not, it shows the level of ambition in Ryan Cohen’s plans to build a dominant e-commerce empire.

Inspired by

• https://thenextweb.com/news/gamestop-ebay-takeover-bid-ryan-cohen

Sources

• wsj.com