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    Shares of eBay take off on a $56 billion buyout bid from GameStop’s Ryan Cohen

    By SHOOTNo Comments83 Views
    A GameStop sign is displayed above a store in Urbandale, Iowa, on Jan. 28, 2021. (AP Photo/Charlie Neibergall, File)

    By Michelle Chapman, Business Writer

    NEW YORK (AP) --

    Shares of eBay are soaring before the opening bell Monday as Ryan Cohen’s GameStop pursues an approximately $56 billion takeover of the company, seeing it as a vehicle to compete with online retail giant Amazon.

    The national gaming retailer said that its approximately 1,600 U.S. stores could become drop-off and shipping locations. One proposal includes live sales broadcasts from GameStop locations featuring eBay products.

    “EBay has the second largest commerce franchise and there’s a big opportunity to do something much larger,” Cohen said in a CNBC interview Monday.

    GameStop’s bid is $125 per share in cash and stock. The equity value of the proposed deal is $55 billion on paper.

    EBay confirmed the huge bid on Monday and said that it has had no talks with GameStop or received any outreach from the company before it received the proposal.

    The company’s board, along with financial and legal advisors, will review the offer and determine what course of action to take, eBay said.

    GameStop said that it started accumulating shares in eBay beginning in February and currently has a 5% stake.

    The company is looking to lower costs at eBay, saying that the online seller spent $2.4 billion on sales and marketing in fiscal 2025 while only adding 1 million net active buyers. GameStop says it will achieve $2 billion in annualized cost cuts within a year of the proposed transaction’s closing.

    Cohen, who owns about 9% of GameStop, would serve as CEO of the combined company. He would only be compensated based on the combined company’s performance.

    Cohen became CEO of GameStop in 2023. At the time the position had become a rotating door with the company trying to survive as streaming upended the gaming industry. GameStop became one of the most well-known meme stocks to create a frenzy among retail traders on Wall Street. The company’s shares took off in 2021 after a band of smaller-pocketed investors helped boost its stock by 1,000% in two weeks.

    GameStop shares have fallen since then, but are still up more than 30% this year.

    Shares of eBay jumped more than 7% in premarket trading, while GameStop’s stock declined nearly 3%.

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    Actor Anthony Head, known for “Buffy the Vampire Slayer” and “Ted Lasso,” dies at 72

    Friday, June 5, 2026
    Anthony Head arrives for the European premiere of 'The Iron Lady' on Wednesday, Jan. 4, 2012, in London. (AP Photo/Jonathan Short, File)

    Anthony Head, the suave, smooth-voiced British actor known for roles in "Buffy the Vampire Slayer" and "Ted Lasso," has died, his family said Friday. He was 72.

    Head's daughters, actors Emily and Daisy Head, told the Press Association news agency that the actor passed away due to complications from pneumonia.

    The stage and TV performer became well known to British audiences in the 1980s as one half of a will-they, won't-they romantic couple in a series of ads for Nescafe Gold Blend instant coffee. The ads were later re-shot for a U.S. audience for Taster's Choice.

    Head achieved wider fame as librarian Rupert Giles, mentor to the title character in the cult-favorite supernatural series "Buffy the Vampire Slayer," which ran from 1997 to 2003.

    He most recently played Rupert Mannion, the villainous ex-husband of Hannah Waddingham's character Rebecca, in "Ted Lasso."

    "Our grief is far greater than the hole he has left behind, but we know his legacy will live on, in the shows he was a part of, and in the audiences that love them," his daughters said. "How lucky we are to know we are able to watch him doing what he loved, even when he is no longer with us."

    Head was born in London on Feb. 20, 1954 to Seafield Head, a documentary filmmaker, and Helen Shingler, an actor. His older brother, Murray, is also an actor.

    Other notable roles included playing Geoffrey Howe, the deputy to Prime Minister Margaret Thatcher, played by Meryl Streep, in the Oscar-winning "The Iron Lady."

    Head portrayed a prime minister himself in the sketch comedy show "Little Britain," as well as King Uther Pendragon, the father of Prince Arthur, in the "Merlin" TV series. He also appeared in "Motherland," Manchild," and "Silent Witness," along... Read More

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