FULL INTERVIEW: GameStop’s Ryan Cohen on Why He’s Buying eBay

Ryan Cohen, GameStop's chairman and largest shareholder, discussed his unsolicited $125-per-share offer to acquire eBay in a mix of half cash and half stock. The proposal would deliver about $28 billion in cash to eBay shareholders— a 40% premium over GameStop's initial purchase price—while rolling the rest into a combined company under Cohen's operational leadership. He emphasized eBay's untapped potential despite its decade of stagnation, positioning it as a durable platform ripe for revival through his hands-on approach.

Offer Rationale and Deal Mechanics

Cohen framed the bid as a way for eBay shareholders to de-risk half their position while gaining upside from a revitalized entity. GameStop has $9 billion in cash on hand, with a highly confident letter from its bank covering the remaining financing needs for the cash portion. He dismissed antitrust hurdles for large competitors acquiring eBay, noting strategics like Amazon or others couldn't clear them, while GameStop faces no such issues. The structure avoids heavy leverage post-deal; Cohen plans to use efficiencies to pay down debt quickly. He contrasted this with eBay's current management, criticizing $350,000–$450,000 per director fees, no insider buying, and a lack of owner-like urgency—everyone "on vacation," unresponsive to prior partnership outreach.