Chewy

GameStop CEO Withdraws $35B Bonus Amid eBay Bid

GameStop CEO Ryan Cohen asked the board to withdraw a proposed performance bonus that could have paid him up to $35 billion, a move the company says should allow leadership to focus on operating performance and its proposed $56 billion offer for eBay. Cohen unveiled the takeover bid in May; eBay’s board rejected it as “neither credible nor attractive,” and questions remain about how GameStop — with a market capitalization near $10 billion — would finance the deal beyond a disclosed $20 billion financing letter from TD Bank. GameStop said it will publish a detailed presentation on the strategic rationale for the eBay offer. Observers and analysts say withdrawing the bonus reduces a perceived personal incentive but does not resolve major financing and operational questions around the acquisition attempt.

GameStop Plans Hostile Takeover Bid for eBay

GameStop Corp., led by CEO and activist investor Ryan Cohen, has made an unsolicited $56 billion cash-and-stock offer to acquire eBay Inc. at $125 per share. eBay’s board rejected the proposal as “neither credible nor attractive.” GameStop holds roughly a 7.8% stake in eBay and is reportedly preparing a hostile path — including a potential direct tender offer to shareholders and proxy actions — to bypass the board. Cohen proposes combining GameStop’s ~1,600 physical stores with eBay’s marketplace to create in-person “authentication hubs” for collectibles and gaming items and to form a hybrid online–offline commerce model. The situation could trigger a proxy fight, bidding war, or negotiated deal; investors are watching SEC filings, shareholder responses, and any counter-moves from eBay’s board.

Chewy Builds Pet-Focused Retail Media Network

Chewy has been expanding its retail media business through Chewy Ads (launched May 2023) and a March rollout of Chewy Max, an AI-powered targeting suite that includes lifetime-value (LTV) return-on-ad-spend tools. From 2025 to 2026 Chewy Ads doubled its number of advertisers and campaigns; the company reports one in three ad clicks converts to a sale and that advertisers generate at least $7 in LTV sales for every $1 spent. Chewy Ads supports onsite sponsored products, brand/video sections and co-branded displays, and can run offsite across Meta, TikTok and Google while piloting connected TV. Chewy cites its first-party data (20M active customers; high autoship penetration) as a differentiator for precise targeting. Analysts cited in the article say category-focused retail media networks like Chewy’s play an important role alongside giants such as Amazon and Walmart.