GameStop bids $56B to acquire eBay, signaling major e-commerce shake-up
GameStop CEO Ryan Cohen has launched an unsolicited $56 billion bid to acquire eBay, offering a 20% premium and signaling ambitions to reshape the global e-commerce landscape, a Qazinform News Agency correspondent reports.
Cohen said a merger could turn eBay into “something worth hundreds of billions of dollars,” citing synergies between the two firms, particularly in collectibles and digital retail.
Founded in 1995 by Pierre Omidyar, eBay was once a pioneer in online auctions but struggled to keep pace with rivals such as Amazon. However, under CEO Jamie Iannone, appointed in 2020, the company has pursued a turnaround strategy focused on high-value niches like trading cards, fashion, and collectibles.
The firm has also invested in technology, including AI-powered “magical listings,” and expanded into secondhand fashion through its $1.2 billion acquisition of Depop. Recent financial results suggest progress, with quarterly revenue rising 19% to $3.09 billion and shares gaining 50% over the past year.
Cohen emphasized potential operational overlap, suggesting GameStop stores could serve as authentication hubs for eBay transactions and pointing to growth opportunities in live-stream commerce.
Despite the bold proposal, skepticism remains. eBay said it would assess “the ability of GameStop to deliver a binding, actionable proposal”.
Market reaction has been cautious, with eBay shares rising to $110 following the announcement - still below Cohen’s reported $125 offer - reflecting uncertainty over whether the deal will materialize.
Earlier, Qazinform News Agency reported that Amazon has agreed to acquire Globalstar as part of efforts to expand its low Earth orbit satellite network, Amazon LEO, and introduce direct-to-device connectivity for mobile users.
