GameStop Proposes $56 Billion Bid to Acquire eBay

GameStop has proposed a $56 billion acquisition of eBay, part of CEO Ryan Cohen’s vision to reshape the online marketplace into a serious rival to Amazon. In a statement released on Monday, eBay indicated it would “carefully review” the unsolicited offer, noting that there had been “no discussions with or outreach from GameStop” prior to the bid.

To finance the acquisition, GameStop plans to utilize $9.4 billion from its balance sheet along with third-party funding, which may include up to $20 billion from TD Securities. While the company hasn’t disclosed how it will cover the remaining costs, sources suggest that Cohen might seek support from external investors, including Middle Eastern sovereign-wealth funds. Reports indicate that Cohen is prepared to initiate a proxy fight for eBay if the offer is rejected.

Cohen has a strong motivation to expand GameStop, especially following its prominence during the memestock phenomenon in 2021. His new compensation package could potentially net him up to $35 billion if the company achieves specific financial targets, such as a market cap of $100 billion. “eBay should be worth — and will be worth — a lot more money,” Cohen stated, expressing ambitions to elevate eBay’s value into the hundreds of billions.

In the past year, GameStop has shuttered over 700 stores across the US as consumer spending on physical games has declined. As of January 2026, the company operates 1,598 stores in the US. Despite efforts to pivot towards trading cards and collectibles, GameStop’s revenue fell by 14 percent in the fourth quarter of 2025.