GameStop CEO Ryan Cohen Reaffirms $56 Billion eBay Takeover Ambition
In a Bloomberg TV interview on Thursday, GameStop Corp. Chief Executive Officer Ryan Cohen stated, “We’re coming for eBay one way or another,” confirming that he will not abandon his pursuit of eBay Inc. despite the online auction company’s earlier rejection of his $56 billion takeover proposal. Cohen did not disclose whether he intends to raise the offer price.
Cohen envisions the combined entity becoming a $1 trillion business. He criticized eBay’s management as complacent and said the merger would allow the use of “eBay’s rails” to build a digital marketplace for video‑game items, a fast‑growing revenue source in the gaming sector. He also highlighted synergies in the collectibles space, noting that collectibles currently account for about 42 % of GameStop’s revenue.
To exploit the collectibles opportunity, Cohen proposed converting GameStop’s 1,600 physical stores into authentication centers for trading cards, including Pokémon and sports cards. He claimed these locations would place “within a 15‑minute drive maybe 80 % of the population,” thereby creating a dense network for the combined operation.
eBay’s board had earlier dismissed the bid, describing it as “neither credible nor attractive” and citing concerns over financing uncertainty, operational risks, and GameStop’s governance structure. Investors have expressed worries about the level of debt GameStop would need to raise to fund the transaction. Cohen countered that a “highly confident letter from a bank” backs the deal and that the pro‑forma company would achieve investment‑grade credit status. He also noted that many investors have shown interest since the bid’s announcement in May.
Earlier this month, GameStop shareholders approved a large increase in authorized share count to facilitate the potential eBay acquisition. When pressed about providing additional details or a higher bid, Cohen refused, saying, “I’m not going to negotiate against myself,” and indicated that he would eventually present his plan directly to eBay shareholders.