GameStop CEO Ryan Cohen is reportedly gearing up to bid for eBay, according to the Wall Street Journal. The retailer, valued at roughly $11 billion, could submit an offer as early as the end of the month. eBay’s market cap sits near $45 billion, making the pitch a bold escalation for the struggling chain. Analysts say the deal could unlock cross‑selling opportunities and revive investor confidence.

Cohen’s incentive package ties a $35 billion stock windfall to a $100 billion market‑value target for GameStop, suggesting the eBay acquisition is part of a broader transformation plan. Past attempts to diversify—such as a short‑lived NFT marketplace and a recent pivot toward retro‑gaming stores—have yielded mixed results, while the company shuttered more than 400 U.S. locations earlier this year. It hopes to draw nostalgic shoppers, boosting sales.

If the bid materializes, eBay shareholders could receive a direct proposal from Cohen, bypassing a traditional board‑level negotiation. Such a move would reshape two legacy e‑commerce players, potentially granting GameStop a foothold in broader online marketplaces beyond video games. A successful merger could also pressure rivals to reconsider their own diversification strategies.