GameStop CEO Flounders in Painfully Awkward CNBC Interview When Repeatedly Dodging Key Question

CNBC anchor Andrew Ross Sorkin spoke to GameStop Chief Executive Ryan Cohen on Monday morning, following news that Cohen launched a surprise bid to buy eBay for some $56 billion.

Cohen told The Wall Street Journal on Sunday he is offering 20% above eBay’s current share price of $125 to buy the online retailer, in hopes of creating an online commerce giant he believes can rival Amazon.

Ross Sorkin pressed Cohen on the financing, however, noting that GameStop’s market cap is nowhere near the eye-popping figure he is offering to buy eBay for.

“Invariably, the audience, and I know a lot of people are going to ask, how does the math work for you, given the price tag of $56 billion, given the market cap of GameStop, which is a fraction of that? I know you have this $20 billion financing letter from TD, but sort of walk us through how you could get to that price and how it would work?” Ross Sorkin asked.

Cohen replied, “It’s on our website. It’s half cash, half stock, but the details are on our website.”

Ross Sorkin asked for more clarification, “Can you help? I’ve read them, but can you help our audience understand them?”

Cohen replied, “Yeah, what—what part exactly?”

“I think we can start with the idea that the market cap of GameStop is, call it, $11 billion. You have $9 billion on your balance sheet. Arguably, if you’re providing effectively all of your stock, and then the cash, that gets you to 20. You have this letter from TD. That’s another 20. We’re now at 40. But we’re still off by, call it, 16. And the 20, as far as I understand, well, it’s considered a highly confident letter, meaning TD’s saying they’re highly confident that they would provide the financing. It’s not locked financing,” Ross Sorkin replied, laying out the numbers.

Cohen shot back, “Yeah, we’ll see what happens.”

Ross Sorkin gathered his thoughts and added, “Um, I hear you. I understand that. I’m just trying to understand where the rest of the money would come from.”

Cohen replied curtly, “Half cash, half stock.”

Ross Sorkin pushed, “I hear you. I’m just saying that that math doesn’t get you to the price that you’re offering.”

“That’s a pretty straightforward question. I don’t get it. Like, where’s the rest of the money coming from? Andrew laid it out pretty clearly,” added co-host Rebecca Quick.

Cohen doubled down, “I don’t understand your question. We’re offering half cash, half stock, and we have the ability to issue stock in order to get the deal done. But the full details of the offer are on our website.”

Quick pressed again, “But you’re on our air. We thought we’d get…”

Cohen remained aloof, “So, but I don’t understand your question.”

Watch the clip above via CNBC.

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