GameStop is preparing a takeover bid for eBay, sources confirm. CEO Ryan Cohen aims to transform the struggling retailer into a $100 billion company through this audacious move. The video game retailer has quietly accumulated eBay shares ahead of the potential offer, which could come as soon as later this month.

The deal represents a significant leap for GameStop, which currently has a market value of approximately $11 billion compared to eBay's $45 billion. Market reacted swiftly to the news, with eBay shares surging over 10% in after-hours trading while GameStop gained around 5%. The potential acquisition would vastly expand GameStop's business beyond its traditional retail operations.

Cohen, who became GameStop CEO in 2021, has been exploring ways to revitalize the company's business model. eBay's established e-commerce platform would provide immediate scale and infrastructure for GameStop's digital ambitions. The move signals Cohen's determination to execute on his vision of creating a major e-commerce player from GameStop's foundation.