GameStop is trying to buy eBay. Yes, really.
In what would easily be one of the most surprising deals in recent memory, GameStop has submitted a non-binding proposal to acquire eBay for $55.5 billion (h/t GameSpot). The offer, which includes a mix of cash and stock, values eBay at $125 per share, roughly a 20% premium over its recent trading price.
It’s a massive swing from a company that, on paper, isn’t even close to eBay’s size. GameStop currently sits at a market cap of around $12 billion, compared to eBay’s roughly $46 billion. But CEO Ryan Cohen believes the deal is necessary.
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“There is nobody who is more qualified, based on my experience, to run the eBay business,” Cohen told The Wall Street Journal (via GameSpot). adding that he sees a path to turning eBay into a company worth “hundreds of billions of dollars.” He also suggested that a combined GameStop-eBay entity could become a legitimate competitor to Amazon.
This news comes months after Cohen announced that GameStop was devising an ambitious business strategy to transform GameStop.
GameStop has already acquired roughly 5% of the company’s outstanding shares. To finance a deal of this size, Cohen says he has access to $20 billion in debt financing, along with GameStop’s $9 billion in cash reserves. Additional funding — potentially including outside investors — would likely be required to close the gap.
If the deal were to go through, Cohen would lead the combined company as CEO, with a focus on cutting costs and restructuring eBay’s operations. GameStop claims it could generate $2 billion in annual cost reductions within the first year alone, targeting areas like sales, marketing, and product development.
eBay has acknowledged the proposal, stating that its board will review the offer with financial and legal advisors. For now, the company has advised shareholders to take no action.
Whether this actually happens is another question entirely. Cohen himself has admitted that moves like this could either be “genius or totally, totally foolish.” Given the scale of the deal—and the gap between the two companies—that feels about right.
Still, even the attempt says a lot about where GameStop sees its future
Published: May 4, 2026 12:05 pm