eBay Dismisses GameStop Bid As “Not Credible” - Then Hires Joele Frank

eBay has officially rejected GameStop's non-binding acquisition proposal, calling the offer "neither credible nor attractive" in a company press release issued this morning.

But an unsolicited email received by Value Added Resource containing links to the press release and 8-K reveals there may be more to the story - eBay has retained leading strategic communications and investor relations firm Joele Frank, Wilkinson Brimmer Katcher to advise them in this matter.

Joele Frank specializes in high-stakes corporate situations, particularly M&A transactions and shareholder activism defense, touting their position as the #1 Shareholder Activism Defense IR/PR Advisor since 2019 according to Bloomberg.

According to their website:

Activism defense is in our DNA, and we’ve advised on more activism defense mandates than any other communications firm. We help clients anticipate what’s coming and, when possible, stay ahead of it.

From the first signs of vulnerability to full-scale proxy fights, we’re by our clients’ sides with clear counsel, tailored communications and hands-on preparation for management teams and boards.

These situations demand close coordination, and we partner seamlessly with fellow advisors to drive the best outcome. We’re also conflict-free, meaning we only advise companies, never activists

Interestingly, eBay had an open job position for a Crisis and Financial Communications Manager early last year.

According to the ad, the position would involve "managing and enhancing eBay's reputation" and they were looking to hire someone with "a history of developing, pitching, preventing and securing high-impact media coverage."

That was particularly loaded language considering the last time eBay became overly concerned with preventing high-impact media coverage it led to the largest scandal in the company's history, a $3M criminal fine and Deferred Prosecution agreement, and an undisclosed civil settlement related to 2019 stalking and harassment of journalists Ina and David Steiner of EcommerceBytes.

The role was eventually filled in April 2025 with internal promotion of Maddy Martinez, who was previously Head of Corporate Affairs at TCGPlayer, which eBay acquired in 2022.

According to Martinez's LinkedIn profile, prior to TCGPlayer, she was a Director at Joele Frank.

While it may be normal for companies to hire outside comms advisers in high stakes M&A situations such as this, the move will also likely raise questions about whether eBay truly does find the GameStop offer to be "not credible."

Either way, this story appears far from over, with GameStop CEO Ryan Cohen signaling he is prepared to take his case directly to shareholders.

Cohen also made a splash this week going direct to eBay's sellers, sharing his passion and vision for the platform with seller, YouTuber, and Flipwise co-founder Justin Glow.

GameStop's full court direct engagement with the press stands in stark contrast to eBay's up until today radio silent approach, and the decision to follow the standard playbook by bringing in a big corporate consultant could backfire.

Cohen notably took aim at corporate bureaucracy and the consultant class in essay titled The Hollow Men posted on X in February.

Given the events of the last week, it would appear he had some specific "risk-free insiders" in mind as he has spent the last week strategically posting on X calling out what he believes to be examples of waste and mismanagement at the company - all of which is also being documented in SEC filings that will likely play a role in any forthcoming proxy fight.

While hiring Joele Frank may be standard practice in high-stakes M&A situations, the move also signals that eBay is taking the threat seriously despite publicly dismissing the proposal. Ryan Cohen, meanwhile, continues building his case through social media, SEC filings, and direct engagement with sellers and shareholders - a strategy that stands in sharp contrast to eBay’s traditionally controlled corporate communications approach.

In many ways, the divide could not be clearer: while eBay assembles lawyers, consultants, and crisis communications advisers behind closed doors, Cohen is making his argument in public. Whether that strategy proves reckless or effective may ultimately determine how this fight ends.