Well, that was…something.
GameStop CEO Ryan Cohen appeared on CNBC to discuss the company’s unsolicited recent proposal to acquire eBay. Over the 16-minute interview, Cohen appeared distracted, frustrated, or straight-up confused by the questions, drawing laughter and exasperated sighs from the co-hosts.
At other times, he seemed to have a bone to pick with the network, telling the hosts multiple times that CNBC had previously predicted GameStop would do “really, really poorly.”
Meanwhile, four different CNBC hosts took their turns asking questions — and after hitting a wall, gave deep exhales and perplexed looks to his responses.
For those who don’t have time to watch the interview, or who are left even more confused after finishing it, we captured the most important frames.
Cohen looks distracted out of the gate
In fairness to Cohen, it’s an early-morning CNBC show. We don’t know what time zone the GameStop CEO was recording from, which could make it even earlier for him. But regardless — the guy looks tired from the get-go.
After an initial greeting, the GameStop CEO’s eyes begin to wander — it’s not clear if he’s simply reading something on screen or focusing on something else, but he’s definitely not focusing on the camera.
Asked about the rationale for wanting to pursue a deal like this, Cohen’s facial expressions flit between a couple of reactions in rapid succession, eyebrow arching almost comically, before he answers while looking up and away from the camera.
Cohen’s hanging “no” leads to a smile and chuckle-exhale from Andrew Ross Sorkin.
Andrew Ross Sorkin asks for the details of GameStop’s proposal: “You’ve had conversations with the company? You’ve tried? What’s happened here?”
Cohen answers with a flat “No” — and a brief pause that hangs in the air until Sorkin looks down, smiling, and lets out a soft laugh-exhale as Cohen picks back up with: “We’re just starting.”
Sorkin: “How does the math math?” Cohen’s “we’ll see what happens” draws another chuckle.
Sorkin asks, for the first time, for an explanation of the math behind the proposal. How exactly does GameStop plan to pay for eBay, as there appeared to be a roughly $16 billion gap in proposed financing and the deal price?
Cohen shifts his eyes to the side before looking down. “It’s on our website,” he says. “It’s half cash, half stock.” (Variations of “it’s on our website” and “it’s half cash, half stock” are repeated often over the course of the interview.)
Sorkin notes that he’s read the website but many viewers haven’t — can he walk them through it? Cohen asks “which part.” Sorkin gives another detailed question pointing out the roughly $16 billion gap.
“We’ll see what happens,” Cohen says, leading to another short laugh-exhale from Sorkin and a smile.
Becky Quick jumps in with a laugh and raised eyebrows when Cohen states his confusion.
Eventually, host Becky Quick jumps in, cutting the tension between Sorkin and Cohen to say that it was a “straightforward question” and that she didn’t “get it.” She laughs a bewildered laugh.
“Where’s the rest of the money coming from? Andrew laid it out pretty clearly,” she says, referencing Sorkin’s question.
“I don’t understand your question,” Cohen replies as Quick’s eyebrows shoot up. He repeats that the full details are on GameStop’s websites and then offers up something new: the company could issue new stock.
Quick leans forward: “But you’re on our air.”
“I don’t understand your question,” Cohen repeats as the silence hangs awkwardly.
Cohen goes a bit on the offensive, saying CNBC called for “GameStop’s demise.”
Here we start to see some semblance of moxie from Cohen, who has been noticeably low energy for the interview so far.
Host Michael Santoli joins to point out that eBay has long been a public company, while GameStop’s revenue is down. “Where’s the evidence that you know how to grow a mature consumer business?” he asks
“Didn’t you guys call for GameStop’s demise multiple times?” Cohen replies.
Santoli asks if Cohen is saying that because GameStop isn’t “dead” that means he knows how to grow it.
“Look at our financial performance,” Cohen says. “Is it better than you guys anticipated?”
Someone off-screen can be heard letting out a quick laugh, though it’s not clear who.
Quick’s eyes look to the ceiling in confusion.
Quick asks whether GameStop shareholders would see meaningful gains from an eBay acquisition, rather than a dilution of their stock and more debt, given Cohen’s proposed solution of issuing more shares to make up the roughly $16 billion deal difference.
Cohen continues to look away from the camera. “I’m aligned with shareholders,” he says.
Quick then lays out a scenario where shareholders wouldn’t see a significant gain from the acquisition. Cohen responds: “If I don’t hit the thresholds, then I don’t get anything.”
Sorkin begins a question, but the camera stays on Quick. She looks up to the right, then to the left. A quizzical look (maybe even an eye-roll?), but a visible reaction to Cohen’s answer.
Watch the full 16-minute video here:
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