GameStop wants to buy eBay for $56 billion

GameStop has officially made an offer to acquire eBay for $56 billion. GameStop CEO Ryan Cohen says the two companies are a strong fit, but many are questioning whether this is the right move for the gaming retailer.

Offer and terms

The offer to eBay’s board stands at $125 per share. That represents a significant premium over eBay’s recent average share price, which was around $90. The proposal includes a mix of cash and stock, with up to $20 billion in financing being considered from TD Securities. According to the latest figures, GameStop had $9.4 billion in cash and liquid assets as of January 31, 2026.

Strategic considerations

Cohen believes the acquisition will help eBay unlock its underused potential. He has said he wants to cut about $2 billion in costs across marketing, product development, and administrative expenses. He also hopes GameStop’s 1,600 stores can play a role in improving shipping and product authentication infrastructure.

Reaction to the acquisition

There is, however, considerable skepticism about the deal. GameStop, best known for its stores and physical products, has struggled to adapt to the online sales world where eBay thrives. The marketplace generates much higher revenue and profit through commissions on third-party sales, while GameStop mainly sells its own products.

The expected benefits of this acquisition remain unclear to many. Developments in gaming and online retail will be closely watched, as questions grow over whether this move is a smart play or potentially damaging for both companies.