The company also emphasized the turnaround it has undergone under CEO Jamie Iannone, noting that eBay’s stock has climbed more than 200% since he took over six years ago.

eBay operates as a global online marketplace connecting buyers and sellers, while GameStop still relies heavily on physical retail stores and wholesale inventory sales. Cohen argued that combining the brands could create a stronger competitor to Amazon by using GameStop’s retail footprint as a physical commerce network.

He also pledged to cut billions in costs and said he would serve as CEO of the merged company without taking a salary or bonus package.

But Wall Street has largely remained skeptical.…