GameStop CEO Ryan Cohen is reportedly considering pulling back his $56 billion bid to acquire eBay and instead proposing a partnership or joint venture, according to multiple sources [1, 2, 3, 4]. The move would mark a significant shift from the unsolicited acquisition offer made in May 2026, which valued eBay at $125 per share and included a 50-50 mix of cash and GameStop stock [1, 3].
After a thorough review, eBay rejected the bid in June 2026 as "neither credible nor attractive," dismissing the takeover attempt [2, 3, 4]. Since then, GameStop has increased its stake in eBay to approximately 9.75-9.8%, making it the second-largest shareholder as of mid-July 2026 [1, 2, 3, 4].
The potential partnership could allow eBay to utilize GameStop's approximately 1,600 US retail locations, a move aimed at expanding market share in categories such as trading cards and collectibles where both companies have interests [1, 2, 3]. However, there are doubts among analysts and investors about the feasibility of GameStop's financing plan for the original acquisition [2, 4]. GameStop’s own stock has fallen about 28% since the bid was announced, while eBay’s shares have risen roughly 7.6% [1].
Cohen has recently reiterated his commitment to securing a deal in some form. He said, "I'm not going to call my shots, but we're coming for eBay one way or another," signaling continued pursuit of influence over the online marketplace [3, 4]. Meanwhile, GameStop has been shifting its business strategy, closing hundreds of stores as it repositions itself in the retail market [3, 4].
The next steps may include formal discussions between GameStop and eBay to explore the scope of a partnership or joint venture. Any agreement would represent a new phase following months of takeover attempts and shareholder positioning.
