Ryan Cohen Teases Interest in eBay Deal as GameStop Addresses Earnings Concerns
GameStop CEO Ryan Cohen recently sat down with Ed Ludlow on Bloomberg Tech to discuss his interest in acquiring eBay, but he kept the most important specifics under wraps. During the same appearance, he also touched on GameStop’s latest earnings—despite store closures that have been more frequent than many investors expected—while sounding frustrated with how the company has been talked down in recent years.
Key takeaways
- Ryan Cohen discussed his proposed eBay acquisition on Bloomberg Tech without sharing key deal specifics.
- He addressed GameStop’s earnings performance that came in higher than expected, even with ongoing store shutdowns.
- Cohen suggested GameStop’s strategy could pair well with eBay, aiming for a much larger combined business.
- Concerns remain around valuation, financing risk, and operational challenges highlighted after eBay rejected the initial offer.
- He has floated a plan to use GameStop’s remaining locations as authentication hubs for collectible card products, including Pokémon.
Why eBay, and what Cohen isn’t saying yet
In the Bloomberg Tech conversation, Ludlow asked whether Cohen would be willing to increase his bid for eBay. Cohen previously explained that he wouldn’t reveal detailed business plans because competitors could potentially use that information. When pressed on the next step, he did not give a direct yes-or-no answer to raising the offer.
Instead, Cohen offered a firm, newly stated message about his intent. He said: “We’re coming for eBay one way or another.”
Whether Cohen can make that happen remains unclear, but he has not stepped away from the topic. At the time of writing, GameStop’s market valuation is listed at 9.9 million, while eBay’s is shown at 49 million—an imbalance that commentators have been quick to point out. Cohen’s earlier, unsolicited bid was reported at roughly 56 million, translating to about 125 per share.
The original plan, as announced, was structured as a 50/50 mix of cash and GameStop stock, with additional financing coming from secure lenders. eBay’s board rejected that proposal outright, describing it as “neither credible nor attractive.”
Gaming collectibles, authentication ideas, and the roadblocks ahead
Even with the rejection, Cohen has argued that GameStop and eBay together could reach a combined company valued at 1 trillion. He also criticized eBay’s current board and management for what he characterized as complacency. In his view, the merged business could become dominant in the digital marketplace for video game-related items and collectibles—an area that continues to expand as more players trade and own physical goods alongside a growing digital culture.
He also tied this belief to GameStop’s existing customer base, noting that the company’s revenue is reportedly 42% from collectibles. For anyone who has visited a GameStop store, that emphasis on collectible categories is familiar, reinforcing why he sees cards and related merchandise as a potential bridge between the two brands.
One approach Cohen has discussed involves turning GameStop’s remaining physical sites into authentication centers. The focus would be on Pokémon trading cards, along with other high-value collectible card products. At the same time, collectors have raised concerns about GameStop charging more than the suggested price for popular Pokémon card items, which is a detail that may matter to anyone planning to buy through or via those locations.
When eBay turned down the first offer, it also pointed to multiple reasons the acquisition would be complicated—financing uncertainty, operational risk, and questions about management compatibility. Because of those factors, it’s still not clear whether the deal will ever move forward, or when it might. Still, Cohen’s stance suggests he’s not done pushing the idea.
