GameStop Targets eBay With $56 Billion Acquisition Offer, WSJ Reports

GameStop Corp. has submitted a $56 billion takeover proposal for eBay Inc., offering $125 per share in cash and stock, according to a Wall Street Journal report citing an interview with GameStop Chief Executive Ryan Cohen. The approach marks a significant escalation by the video game retailer under Cohen's leadership, signaling an ambition to expand well beyond its core physical retail business into broader e-commerce infrastructure. Details of whether eBay's board has engaged with the proposal remain unclear.

Ryan Cohen, who built his fortune through pet products retailer Chewy, has progressively repositioned GameStop since taking the helm, investing heavily in cryptocurrency holdings and exploring digital transformation strategies. The offer for eBay—valued at roughly $56 billion—would represent a dramatic pivot, pairing a struggling brick-and-mortar brand with one of the original online marketplaces. eBay, which has faced years of competitive pressure from Amazon and a sluggish recovery in its core marketplace segment, could face renewed pressure to respond to overtures from an activist bidder.

Market reaction and boardroom implications remain to be seen. A deal of this scale would require substantial financing, regulatory scrutiny, and likely an extended negotiation process. The development underscores intensifying consolidation pressure across the e-commerce landscape, where scale and integrated logistics have become critical differentiators. Analysts will closely watch whether eBay's leadership formally engages with the approach or moves to rebuff what would be one of the largest unsolicited takeover bids in recent retail history.