GameStop Corp. has floated a $56 billion bid for eBay Inc., combining cash and stock, according to the Wall Street Journal. CEO Ryan Cohen said the offer would be $125 per share, a roughly 20 % premium over eBay’s Friday close. The retailer holds about a 5 % stake in the online marketplace.

GameStop’s market value sits near $12 billion, while eBay trades at roughly $46 billion. The deal relies on a commitment letter from TD Bank to supply about $20 billion in debt financing. Analysts warn that overlap in collectibles and resale could dilute value and heighten execution risk.

Cohen, the former founder of pet‑supply retailer Chewy, has hinted at a proxy fight if shareholders reject the proposal. His compensation plan rewards him with options on over 171 million shares if GameStop reaches a $100 billion valuation, signalling his intent to reshape the company’s trajectory.

If successful, the merger would place GameStop among the largest e‑commerce players, but regulators and investors will scrutinize the overlap and capital structure. The move underscores a broader significant trend of consolidation as traditional retailers seek scale to compete with digital giants.