GameStop offers to buy eBay for about $56 billion — WSJ reports

GameStop Chief Executive Ryan Cohen has made an unsolicited offer to acquire eBay for about $56 billion, according to a Wall Street Journal report that Reuters and other outlets relayed. The proposal values eBay at roughly $125 per share and follows GameStop building an approximately 5% stake in the marketplace operator.

According to reporting, the bid would combine cash and stock and implies roughly a 20% premium to eBay's recent closing price. Bloomberg and the WSJ noted that Cohen secured a commitment letter from TD Bank for about $20 billion of debt financing to support a potential deal, though full financing and definitive terms have not been publicly disclosed. GameStop was expected to make formal offer details public following the initial report.

Market reaction was immediate: GameStop shares rose on the news while eBay shares showed modest gains in early trading. Market participants highlighted that the transaction's size relative to GameStop's market capitalization makes execution complex and could create short-term volatility for both securities as financing and shareholder responses unfold.

Strategically, the move fits into Cohen's long-stated ambition to transform GameStop from a video-game retailer into a broader e-commerce player. Previous WSJ reporting suggested Cohen had been preparing for a large acquisition; targeting eBay would mark a dramatic step in that plan and would place GameStop in direct competition with larger e-commerce platforms if integrated. Regulatory, governance and integration risks would be material for such a transaction.

Analysts caution that the immediate hurdle is eBay's board and major shareholders—if the board resists, Cohen signaled he could pursue a proxy contest to take the bid to shareholders. Observers also emphasize that the ultimate outcome will depend on finalized financing, potential deal protections and regulatory review; investors should watch for official filings and company statements to assess transaction viability.