The Ledger
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Cohen says GameStop will issue stock to fund half-cash eBay takeover
“We're offering half cash, half stock, and we have the ability to issue stock in order to get the deal done.”
Cohen: GameStop offered $125 per share half-cash, half-stock for eBay
“We made an offer yesterday. 125 bucks a share. Half cash, half stock.”
Ryan Cohen intends to permanently run eBay, not act as an activist.
“The goal here isn't to be an activist. The goal is I want to own eBay. I want to run eBay. Like, I want that to be my baby.”
Cohen: eBay Ignored Partnership Outreach One to Two Years Ago
“I reached out to eBay, like, I don't know, maybe a year or two years ago to talk to them about partnering, and They didn't engage seriously.”
Cohen: Majority of personal net worth will be tied to eBay deal
“Well I haven't done the math, but if things go correctly, then it better be the majority. Otherwise I'm wasting my time.”
Cohen: GameStop will only invest cash where downside is strictly limited
“A fancy way of saying is that it's risk adjusted, and I don't want to lose money, and I want a situation where there's a good chance of making money and a really low chance of losing money, so it needs to be a pitch that is pretty much down the middle.”
Cohen: GameStop's ability to compete in digital gaming is limited
“So, our ability to play in the digital world is limited.”
Cohen: GameStop is pursuing no moonshots, focusing on real returns
“So, there's no moonshots that are being done. Like, we're focused on real returns.”
Cohen: GameStop is not investing in VR or metaverse
“We're not investing in in, in virtual reality or in, in the metaverse, unless there's a clear path to being able to deliver results for shareholders.”
Ryan Cohen: eBay live commerce strategy relies on creator partnerships and UI
“Yeah, it would be partnering with creators. I mean, they've got the platform, We would improve the platform so it looks better and more consistent with the kind of UI that you have at competitors, but there's the user base. And so it's not something you have t…”
Cohen: GameStop is holding cash to deploy during sudden market downturns
“They can go from green to red, and they don't flash yellow. So when that happens, we'll be in a position.”
Cohen: GameStop adopts a capex-light approach to digital gaming
“There's a lot of money that's being spent, and we've taken a capex light approach, like a pretty risk light approach to the digital world.”
Cohen: GameStop ignores high margins unless scalable to billions in value
“Like, if we can make 80% margins but the upside is limited and it's not gonna move the needle, then I don't care. If it's able to translate into billions of dollars of shareholder value and it's scalable, then we're talking.”
GameStop will prioritize digital trading cards over physical for scalability
“So if we had a choice between physical and digital, because digital is more scalable, we're gonna go towards digital.”
GameStop loses M&A deals to private equity due to cash discipline
“They don't come to us as often as you think, because they know, well they probably go to private equity or venture capital or these fancy hedge funds before they come to us, because I want to make sure that I'm I care about cash flow and the price that I pay, …”
GameStop CEO restricts his own kids from playing violent video games
“I let my kids play video games, doesn't benefit, unless they're playing, like, Mario Kart. But, you look at these, like, Call of Duty, they're killing each other. I want positive influences. I want things that are healthy.”