New York, May 2, 2026, 09:05 EDT
GameStop Corp. is gearing up to make a bid for eBay Inc., the Wall Street Journal reported Friday, citing sources said to be familiar with the situation. CEO Ryan Cohen is after a larger platform than just video-game retail. eBay shares jumped roughly 14% after hours, while GameStop added 4%, according to Reuters.
The timing is key, since GameStop’s rumored eBay takeover bid puts a $12 billion retailer up against a roughly $46 billion online marketplace. Public-company acquisitions of targets nearly four times their own size don’t come along often—they tend to hinge on hefty debt, issuing new stock, or a mix of both.
GameStop has been accumulating eBay shares in recent weeks, the Journal said, and could make a move soon. If eBay’s board isn’t interested, Cohen may put the proposal to a shareholder vote, with a potential offer landing later this month, according to the report.
There’s no word yet on price or financing details. Cohen—who holds the biggest stake in GameStop—along with both firms, stayed silent when Reuters sought comment.
This shift links straight to Cohen’s high-stakes compensation. Back in January, GameStop laid it out: Cohen’s long-term option grant won’t vest unless the company hits a $100 billion market cap, plus $10 billion in cumulative performance EBITDA—that’s earnings before interest, taxes, depreciation, and amortization.
GameStop posted another drop in its core business, with net sales for the fourth quarter sliding to $1.104 billion from $1.283 billion a year ago. Cash, cash equivalents, and marketable securities, on the other hand, jumped to $9.0 billion, up from $4.8 billion. Net income dipped too, coming in at $127.9 million versus $131.3 million.
With that cash cushion, Cohen can make moves—just not too many missteps. GameStop’s 14% drop in quarterly sales, as Reuters pointed out in March, highlights the weight of digital game downloads, e-commerce, and cooling interest in brick-and-mortar game shops.
eBay heads into the weekend on a stronger note. The company put out a second-quarter revenue forecast of $2.97 billion to $3.03 billion, slightly topping the Street’s consensus. First-quarter revenue landed at $3.09 billion. Gross merchandise volume moved up 18%, reaching $22.2 billion for the quarter.
“eBay is typically more resilient,” Chief Executive Jamie Iannone told Reuters, pointing to the company’s emphasis on recommerce and out-of-season goods. “Consumers can find value on eBay when income is pressured,” he added. Reuters
eBay’s earnings release had CEO Iannone touting the first quarter as a “strong start to the year.” CFO Peggy Alford pointed to “robust GMV and revenue growth.” The company also announced it’s buying Depop from Etsy, shelling out roughly $1.2 billion in cash—a move aimed squarely at boosting eBay’s presence among younger resale shoppers in fashion. eBay Inc.
The reported plan from GameStop lands amid stiff competition. Merging with eBay would steer Cohen deeper into the collectibles, resale, and online marketplace segments—territory eBay continues to target with fresh investments in live auctions, fashion resale, and social-commerce partnerships.
Still, the risks stand out. In its annual filing, GameStop cautioned investors it can’t guarantee it will find acquisition targets, reach deals on terms it likes, secure funding, clear regulators, close any transactions or pull off a smooth integration.
The focus for GameStop shareholders just moved from store closures and cost-cutting to whether the deal can actually be pulled off. eBay investors are facing something more straightforward ahead of Monday’s open: does a smaller, volatile suitor really have the means—or the backing—to put up a credible premium?
