GameStop Corp.’s pursuit of e-commerce giant eBay remains one of the most closely watched and contentious corporate sagas in the market right now, with Chief Executive Ryan Cohen escalating his stake in the company even as eBay’s board has firmly rejected the offer and Wall Street analysts remain deeply skeptical the deal will ever close.

The Original Proposal

GameStop Corp. submitted a non-binding proposal on May 3, 2026, to acquire 100% of eBay Inc. at $125.00 per share in cash and stock. The offer represented a 46% premium to eBay’s unaffected closing price on February 4, 2026, the day GameStop began accumulating its position in eBay. GameStop disclosed it had built a 5% economic stake in eBay through derivatives and beneficial ownership of common stock.

The proposed offer comprised 50% cash and 50% GameStop common stock, with full shareholder election rights as to consideration type and pro-rata allocation. Aggregate undiluted equity value was approximately $55.5 billion, based on eBay’s most recently disclosed undiluted share count, representing a 27% premium to the 30-day volume-weighted average price and a 36% premium to the 90-day volume-weighted average price.

The cash consideration was expected to be funded from a combination of cash and liquid investments on GameStop’s balance sheet, which totaled approximately $9.4 billion as of January 31, 2026, and third-party acquisition financing, for which GameStop received a highly-confident letter from TD Securities for up to $20 billion.

eBay’s Firm Rejection

eBay’s board responded to the unsolicited proposal with a swift and pointed rejection. eBay Chairman Paul Pressler called the unsolicited offer “neither credible nor attractive” in a sharply worded letter to Cohen.

Despite that rejection, Cohen pressed forward, taking the campaign directly to eBay’s shareholders rather than backing down. GameStop’s CEO has publicly stated he’s prepared to engage in a proxy fight and take the offer directly to shareholders if eBay declines the acquisition.

Wall Street’s Skeptical Verdict

Analysts covering both companies have generally responded to the proposed deal with significant doubt about both its strategic logic and its likelihood of success. GlobalData retail analyst Neil Saunders described the proposal as “a David trying to take over a Goliath in order to buy David relevance,” adding that eBay has a clear proposition while GameStop is “grappling with a reason to be around.”

That skepticism has been reflected directly in betting markets tracking the deal’s likelihood of completion. Prediction markets Kalshi and Polymarket had placed deal-completion odds between 17% and 20% as of mid-May.

Credit rating agencies have also weighed in with concerns about the deal’s financial structure. Moody’s Ratings said the proposed acquisition would be “credit negative” for eBay — a rating assessment that cuts directly against a key precondition in GameStop’s financing arrangement. The TD Securities financing letter conditions its commitment on the combined company maintaining an investment-grade credit rating from at least two of the top three ratings agencies.

Cohen Continues Escalating His Position

Rather than retreating in the face of eBay’s rejection and Wall Street’s skepticism, Cohen has continued building GameStop’s economic exposure to eBay in the weeks since the initial proposal. A regulatory filing disclosed on June 5, 2026, that GameStop’s economic exposure to eBay had risen to approximately 9%. GameStop had previously increased its eBay stake to about 7%, up from around 5%, while continuing a hostile pursuit that eBay’s board has so far rejected.

That escalation carried added significance from a regulatory standpoint. The increase coincided with satisfaction of the Hart-Scott-Rodino antitrust waiting period on June 3, 2026, which made the eBay put/call derivative contracts eligible for physical share settlement for the first time.

Notably, this is not Cohen’s first brush with HSR compliance issues. In September 2024, the Federal Trade Commission announced that Cohen had agreed to pay a $985,320 civil penalty to settle charges that his earlier acquisition of Wells Fargo securities violated the HSR Act by failing to make the required pre-acquisition notification.

A $2 Billion Buyback Alongside the Bid

GameStop has paired its pursuit of eBay with a significant capital return initiative for its own shareholders, a move that has been interpreted by some as a vote of confidence in the company’s underlying financial strength even amid the contentious takeover battle. GameStop’s board unanimously approved a discretionary $2 billion share repurchase authorization on June 2, 2026, running through June 2, 2029. The program replaces the prior authorization from March 2019.

That announcement, paired with strong underlying financial results, helped lift GameStop’s stock significantly. Shares of GameStop jumped 10% to around $23 after the video game retailer posted its highest quarterly net income on record and approved the fresh buyback. Meanwhile, takeover target eBay was barely moving, with eBay stock up less than 1% to around $109.36 as traders digested GameStop’s continued pursuit.

The juxtaposition of the hostile bid and the buyback has prompted analysts to reconsider the broader strategic narrative driving GameStop’s recent decisions. For GameStop, combining a hostile eBay bid with a $2 billion buyback is a clear signal that capital deployment is moving to the center of the story. The eBay approach would push GameStop far deeper into online marketplaces, closer to companies like Etsy and Amazon, and could reshape how investors think about its exposure to e-commerce and payments.

The Financial Backdrop Supporting the Bid

GameStop’s underlying financial performance has provided Cohen with additional ammunition to defend the strategic rationale behind pursuing eBay, even as the company’s core retail business remains far smaller than the e-commerce giant it is attempting to acquire. The buyback authorization sits alongside first-quarter fiscal 2026 sales of $835.3 million and net income of $389.6 million, a large jump from $44.8 million a year earlier.

Part of GameStop’s case for the acquisition rests on identifying inefficiencies in eBay’s current spending. eBay spent $2.4 billion on Sales & Marketing in fiscal 2025 while only adding one million net active buyers, growing from 134 million to 135 million users — a net increase of less than 0.75%. GameStop has pledged $2.0 billion of annualized cost reductions within twelve months of closing, including reducing Sales & Marketing spend from $2.4 billion to $1.2 billion.

Where Things Stand Now

As of the most recent filings, the deal remains squarely unresolved, with no indication that either side is prepared to change its position in the near term. The status of the proposed acquisition remains pending approval from eBay, shareholders, and regulators.

With eBay’s board having firmly rejected the offer and Cohen continuing to build his economic stake in the company in the weeks since, the central question facing investors is whether GameStop will escalate into a formal proxy fight aimed at putting the decision directly in front of eBay shareholders, bypassing the board entirely. Given the deep skepticism from credit rating agencies, prediction markets, and Wall Street analysts about both the deal’s financing structure and its underlying strategic logic, the path to an actual completed acquisition appears far from certain — but Cohen’s continued accumulation of eBay shares suggests he has no immediate plans to abandon the pursuit, regardless of how steep the odds against success may currently appear.

SOUTHAMPTON, N.Y. — As the 126th U.S. Open moves through its second round at Shinnecock Hills Golf Club, a clear picture is beginning to emerge of which golfers stand the best chance of hoisting the trophy come Sunday. With Wyndham Clark holding the lead and a deep, talented field still very much in the mix, here is a closer look at the three players in the strongest position to win this year’s championship.

1. Wyndham Clark — The Frontrunner With a Proven Track Record at This Event

No player has positioned himself better through the tournament’s opening stretch than Wyndham Clark, who has carried his red-hot opening round directly into the second day of play. Everyone will be chasing Wyndham Clark, who finished up a brilliant Round 1 early Friday morning, coming in with a 6-under 64. That gave him a two-shot lead as Round 2 began.

Wyndham Clark’s lead remained at three shots through much of Friday’s second round, even as he made seven straight pars to begin the round and the putts that were dropping on Thursday slid by the edges so far on Friday. So far, that hasn’t been showing up for the leaders, as Clark has relied on some tough par saves to stay at 6 under, while Dustin Johnson can’t get a putt to drop — even good ones.

Clark’s case as the favorite extends beyond his hot start this week. He has previously won the U.S. Open, giving him direct experience converting major championship pressure into a title, a quality that often proves decisive on demanding U.S. Open setups where mental composure matters as much as ball-striking.

2. Matt Fitzpatrick — A Past Champion in Strong Form

Among the small group of past U.S. Open champions chasing Clark, Matt Fitzpatrick stands out both for his title pedigree at this specific championship and for the broader strength of his 2026 season. He’s the only golfer on tour with three victories this season and was playing better than anyone before a recent so-so stretch. The 2022 U.S. Open winner is coming off back-to-back mediocre finishes in the event but is playing much better this season.

Fitzpatrick has remained squarely in contention through the championship’s early rounds. William Mouw moved into a tie for second with Matt Fitzpatrick and Dustin Johnson during Friday’s second round, keeping Fitzpatrick within striking distance of Clark’s lead.

Right behind Clark sits a host of former U.S. Open champions, including Dustin Johnson, Gary Woodland, and Matt Fitzpatrick, underscoring just how stacked the leaderboard’s upper tier has become with players who already know exactly what it takes to win this specific championship.

3. Xander Schauffele — The Betting Favorite Built for Shinnecock’s Demands

Despite not leading the tournament outright through two rounds, Xander Schauffele enters the weekend as the betting market’s top overall pick to win the championship, based on a remarkable record of sustained excellence at this specific major. Schauffele’s worst finish in nine U.S. Open starts is a tie for 14th — a remarkable run of consistency at an event that is almost impossible to fake your way around when you don’t have your best stuff. Schauffele has always been a major performer, with 19 top-10 finishes in 36 overall major starts, and while he hasn’t quite returned to the form that won him two majors in 2024, he does have back-to-back top-10 finishes to start 2026.

The case for Schauffele centers heavily on the specific demands Shinnecock Hills places on a player’s overall game. Shinnecock Hills requires the right mindset and a well-rounded game to get the job done. Schauffele has both. That combination of mental toughness and complete shot-making ability has repeatedly proven decisive at U.S. Open venues, which are widely regarded as the most demanding and unforgiving courses among the four major championships.

Other Notable Contenders to Watch

Beyond the top three, several other players remain firmly in the championship conversation heading into the weekend. Rory McIlroy — the 2026 and 2025 Masters winner — sat tied for ninth at 1 under after a gritty Round 1, leaving him within range of the leaders depending on how the weekend unfolds. McIlroy isn’t competing as much on tour as he did in the past, but it doesn’t seem to be hurting him so far. After picking up his second straight win in the Masters, he has three straight top-20 finishes.

Cameron Young has also emerged as a player to watch, particularly given the championship’s location. Young was Captain America during last year’s Ryder Cup at Bethpage Black, and the New York native is playing in front of a home crowd again this week. He has two wins and six top-10 finishes in 2026.

A surprising name has also factored into Friday’s second-round action. William Mouw, bogey-free through 11 holes with three birdies on his card, moved to 3 under for his second round and the tournament, putting him into a share of second place despite having recorded only one top-10 finish on the PGA Tour this season prior to this week.

A Punishing Course That Has Created Drama Throughout

Shinnecock Hills has lived up to its reputation as one of the most demanding venues on the major championship rotation, producing dramatic swings for several prominent players already this week. LIV’s Joaquin Niemann was assessed a two-stroke penalty after throwing his club on No. 6 during Round 1, which the USGA described as “serious misconduct” under Rule 1.2b. The club-throwing happened after Niemann made a quintuple-bogey 9 on the par-4 sixth, which was changed to a septuple-bogey 11 after the penalty. In all, he went from even par to 7 over in the span of one hole.

The course has also produced one of the tournament’s most compelling individual storylines so far, courtesy of an amateur competitor. Rising Oklahoma senior Ryder Cowan shares second place into Friday after a history-matching opening round, tying Sam Randolph’s 1986 mark for the lowest round by an amateur in a U.S. Open at Shinnecock Hills. “That is very cool, very cool,” Cowan said.

What Comes Next

With the cut line projected to fall somewhere in the range of 3-over to 5-over par, the weekend rounds at Shinnecock Hills are set up to deliver a genuinely wide-open championship battle. If the PGA Championship taught us anything, it is that even amid an era of professional golf catered toward the world’s best, any player can be the world’s best on any given week, a reminder that while Clark, Fitzpatrick, and Schauffele represent the strongest cases entering the weekend, Shinnecock Hills has a long history of producing champions from well outside the pre-tournament favorites list — meaning the final outcome remains very much undecided as the championship heads into its decisive closing rounds.

Anne Hathaway is expecting her third child. The “Mother Mary” star, 43, announced Friday that she and husband Adam Shulman are expecting another baby, adding to a family that already includes two young sons.

The Announcement

Hathaway shared the news in a video posted to her Instagram on Friday, June 19. Wearing a flowy white dress, Hathaway walked into the frame with her arms positioned in front of her stomach. As the song “Baby I’m Yours” by Barbara Lewis played in the background, Hathaway dropped her arms to reveal her growing baby bump. She smiled, hugged her stomach, and then ran out of frame. “x Baby, I’m yours x,” she captioned the post.

A representative for Hathaway did not immediately respond to a request for comment on the announcement.

An Already Growing Family

Hathaway and Shulman are already parents to two sons, Jonathan, 10, and Jack, 6. The couple married in 2012 and expanded their family a few years later, becoming parents in 2016 when they welcomed son Jonathan. They later added son Jack to the family in 2019.

The new pregnancy marks the next chapter for a family that Hathaway has spoken about candidly and warmly in recent interviews, describing a household dynamic that she has called one of the most fulfilling periods of her life so far.

A Recent Reflection on Family Life

This past May, Hathaway gave a rare and detailed update on life with her two sons during an interview for Elle’s Summer 2026 “The Epic Issue.” The actress, who will star as Odysseus’ wife, Penelope, in the upcoming film “The Odyssey,” described her sons as being “in this really fun zone where we all love hanging out together, which I understand may change.”

Hathaway expanded on that thought with a touch of humor, acknowledging that the closeness she currently enjoys with her children may naturally evolve as they grow older. “Well, we will always love hanging out with them, but their feelings about us might change,” she said with a laugh.

Living “So for the Moment”

Because of that awareness that family dynamics shift over time, Hathaway shared that she and Shulman have made a conscious decision to fully embrace the present moment with their children rather than worrying excessively about the future. “We’re all just in it,” she said. “Adam and I are soaking it up. I’m having the most wonderful time with my family, living in the city of my dreams, and work seems to be going really, really well.”

She added a characteristically self-aware and lighthearted observation about her current state of contentment amid broader world events. “So rather obnoxiously, I’m having a great time as everything else burns,” Hathaway said.

Motherhood as a Grounding Force

Hathaway has previously been candid about how becoming a parent reshaped her sense of identity and personal integrity in ways that extended well beyond simply raising children. Speaking with WSJ Magazine in March 2022, the actress reflected on how motherhood changed her relationship with herself.

“I didn’t feel fully landed and fully here until I was a mom,” Hathaway told the publication at the time. “It’s not like I was lacking integrity, but it made me want to be completely, on every level, true to my word.”

She elaborated further on that personal transformation, describing how motherhood pushed her to confront patterns of self-deception or compromise she may have previously allowed herself. “And that meant stopping any nonsense that I had going on inside myself,” she said. “And it’s little breaks that you give yourself sometimes when you know that you’re not being your best self.”

A Career in Full Stride Alongside Family Life

Hathaway’s pregnancy announcement arrives at a moment when her professional career also appears to be thriving, with multiple high-profile projects either recently released or currently in production. Beyond her starring role in “Mother Mary,” Hathaway is also set to appear in “The Devil Wears Prada 2,” reprising one of the most iconic roles of her career, and will take on the part of Penelope in an upcoming adaptation of “The Odyssey.”

That combination of a flourishing career and a family life she has described as deeply fulfilling appears to have created a sense of balance and contentment that Hathaway has referenced repeatedly in recent public comments, including her remarks to Elle about simply trying to stay present with her family rather than getting caught up in concerns about how those relationships might change as her children grow older.

Fan and Public Reaction

News of Hathaway’s pregnancy quickly generated significant attention and discussion online following the announcement, with the actress’s Instagram post drawing dozens of comments from fans and followers celebrating the news. The announcement continues a pattern of Hathaway sharing meaningful family milestones directly with her audience through social media, a platform she has used previously to offer glimpses into both her personal life and her reflections on parenthood.

With no further details yet shared regarding a due date or additional specifics about the pregnancy, fans and followers will likely continue watching for updates from Hathaway in the coming months as she balances her expanding family with her ongoing slate of film projects. For a star who has spoken openly about finding profound personal grounding through motherhood, the arrival of a third child appears poised to mark another significant chapter in a period of her life that she has described, by her own account, as one of genuine happiness and stability — both at home and in her career.

The Department of Justice is investigating transactions tied to a business network linked to Iranian Supreme Leader Mojtaba Khamenei that reportedly had exposure to major U.S. financial institutions, according to a Bloomberg News report.

Bloomberg reported federal investigators are examining how companies connected to Khamenei built a global investment portfolio with transactions involving Wall Street firms including JPMorgan Chase and Citigroup.

The reported probe is part of a broader Justice Department investigation into alleged money laundering and corruption involving entities tied to Khamenei, according to Bloomberg, which cited people familiar with the matter.

DOJ CLEARS PARAMOUNT-WARNER BROS MERGER AFTER 8-MONTH ANTITRUST PROBE, SAYS DEAL COULD BOOST COMPETITION

JPMorgan Chase headquarters in New York City. Federal investigators are reportedly reviewing transactions tied to a business network linked to Iran’s supreme leader that involved major U.S. financial institutions. (Photo by Tim Clayton/Corbis via Getty Images / Getty Images)

JPMorgan Chase, Citigroup and the Department of Justice did not immediately respond to FOX Business’ requests for comment.

Investigators are reviewing the role U.S. financial institutions may have played in processing or facilitating transactions linked to the network, though Bloomberg reported the investigation does not necessarily mean charges will be filed.

The reported inquiry comes as the Trump administration has intensified pressure on Iran and sought to crack down on sanctions evasion and illicit financial activity tied to Tehran and its leadership.

JPMORGAN CHASE LAUNCHES AMERICAN DREAM INITIATIVE TO EXPAND SMALL BUSINESS SUPPORT ACROSS THE US

Citigroup headquarters in New York City. The bank was named in a report on a Justice Department investigation examining transactions linked to a business network tied to Iran’s supreme leader. (Victor J. Blue/Bloomberg / Getty Images)

The investigation could place renewed scrutiny on how major financial institutions identify and monitor potentially sanctioned entities operating through complex international ownership structures and investment vehicles, a longstanding challenge for global banks and regulators.

Bloomberg reported that investigators’ primary focus is Khamenei and the network of businesses tied to him rather than the banks themselves.

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Khamenei became Iran’s supreme leader after his father, Ayatollah Ali Khamenei, was killed in a joint U.S.-Israeli airstrike. As Iran’s highest-ranking authority, he has final say over major state decisions, including foreign policy and the country’s nuclear program.

The reported investigation comes amid heightened tensions between Washington and Tehran as the administration continues to increase economic and diplomatic pressure on the Iranian regime.