GameStop has submitted an unsolicited $55.5 billion bid to acquire eBay, pitching a deal that would combine the online marketplace’s scale with its own store network to create a collectibles-focused commerce platform.
The nonbinding proposal values eBay at $125 per share and would be funded through a mix of cash and GameStop stock.
The retailer said it has built a 5% economic stake in eBay and could finance the transaction using its existing cash reserves alongside external funding. eBay confirmed it had received the offer but said there had been no prior discussions between the companies.
The bid reflects GameStop’s ongoing pivot toward higher-margin categories such as trading cards, collectibles and refurbished electronics. Those products accounted for more than a third of its fourth-quarter sales, up from just over a fifth a year earlier, as its legacy gaming hardware business continues to decline.
GameStop said its store fleet could serve as a nationwide network for eBay, handling authentication, drop-offs and shipping.
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The retailer argued that combining its physical infrastructure with eBay’s marketplace would strengthen trust and streamline fulfillment, particularly in collectibles.
Chief Executive Ryan Cohen said he would lead the combined company without a salary, with compensation tied to performance.
The company also outlined plans to cut $2 billion in annual costs within a year of a deal closing, targeting back-office consolidation and reduced marketing spend. It singled out eBay’s $2.4 billion annual sales and marketing budget, arguing it had delivered limited growth in active buyers.
The proposal comes as GameStop continues to restructure its business following years of declining sales, while eBay has reported steady growth and expanded further into collectibles, including new AI-powered tools for trading cards and its recent acquisition of resale platform Depop.
While the strategic rationale centres on building a vertically integrated collectibles ecosystem, the lack of engagement between the two companies and the scale of the transaction raise questions over whether a deal is likely to progress.
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