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Sports May 13, 2026

Wembanyama's Dominant Return Spurs San Antonio to 3-2 Series Lead Over Timberwolves

Victor Wembanyama returned from suspension with a dominant 27-point, 17-rebound performance to lead…
The LeadVictor Wembanyama returned from suspension with a dominant performance, scoring 27 points and grabbing 17 rebounds to lead the San Antonio Spurs to a commanding 126-97 victory over the Minnesota Timberwolves. The win gives the Spurs a 3-2 lead in their Western Conference semifinal series, positioning them one win away from advancing to the conference finals.The Wembanyama RedemptionWembanyama's return was highly anticipated after he was ejected in Game 4 for elbowing an opponent, which resulted in an automatic suspension. The young star expressed his eagerness to return, saying "Very, very much" when asked how anxious he was to get back on the court. He delivered in spectacular fashion, scoring 16 of the Spurs' first 24 points and finishing with a double-double in just the first half alone (21 points, 11 rebounds)."I think one thing, the one word I'd like to use, just 'mature,'" Spurs coach Mitch Johnson said of Wembanyama. "There's a lot that's happened in the last 48 hours, in the last game, and I think how that young man came out tonight and played in a variety of ways, in a variety of situations, not just in terms of his production, was extremely mature and then defensively, start to finish."The Statistical BreakdownThe Spurs received balanced scoring beyond Wembanyama's performance:Keldon Johnson: 21 points off the benchDe'Aaron Fox: 18 pointsStephon Castle: 17 pointsDevin Vassell: 12 pointsDylan Harper: 12 points, 10 reboundsFor the Timberwolves, Anthony Edwards led with 20 points, while Jaden McDaniels and Julius Randle each had 17 points. Ayo Dosunmu contributed 16 points and Naz Reid added 12.The Spurs led by as many as 18 points in the second quarter before settling for a 12-point advantage at halftime. After Minnesota tied the game at 61-all early in the third quarter, San Antonio responded with a 30-12 run to take control of the game.The Series ImplicationsThis victory gives the Spurs significant momentum and a 3-2 series lead. The team showed resilience and maturity, particularly from their young star Wembanyama, who channeled his frustration from Game 4 into a dominant performance."We played with the appropriate fear, discipline, execution, physicality, poise," Spurs coach Mitch Johnson said. "And I thought we had it from an array of people tonight, and it was really good to see. We needed everybody, because at different moments of the game, different guys stepped up."The Timberwolves, meanwhile, struggled with consistency, particularly on defense. "We went away from what was working, and then, you know, defence just cratered," Timberwolves coach Chris Finch said. "In the last six minutes of the third quarter, lot of it was just ball contain stuff. And, you know, offensively found stuff that was working, then we just started breaking off plays, you know. And that's my job. I gotta get us back on track. That's on me."The Path ForwardThe series now shifts to Minneapolis for Game 6 on Friday, with the Timberwolves facing elimination. If necessary, Game 7 would be back in San Antonio on Sunday."I don't see nobody in our locker room that [is] worried at the end of the day," Timberwolves star Anthony Edwards said. "Man, it's another basketball game. So you come out, put your boots on and get ready to go work."
#Victor Wembanyama #San Antonio Spurs #Minnesota Timberwolves
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Lifestyle May 13, 2026

Scaling Carn Ffoi: A Bouldering Journey on Pembrokeshire’s Rugged Hilltops

Eben Muse recounts his solo bouldering adventure on the volcanic tor of Carn Ffoi in Carningli Comm…
First Ascent: The Allure of Carn Ffoi’s Jagged EdgeThe Guardian’s Country Diary captures a solitary climber’s obsession with a dark, looming rock outcrop on the brow of a Pembrokeshire hill. From a modest “home away from home,” the author watches the storm‑washed landscape settle, the wind drying the volcanic stone and setting the stage for a daring bouldering session.On‑Ground Details: Route‑Finding Without a GuidebookWithout a phone or detailed topos, the climber relies on a hand‑drawn booklet of routes that proves indecipherable. Instead, he scouts a potential line on the lee side of the boulder, warms his fingers, and visualises the climb in his mind before committing to the overhanging block.Physical Metrics: Climb Length, Elevation Gain, and Weather ConditionsClimb height: approximately 4‑5 metres of vertical gain.Elevation gain from base to summit: ~12 m above sea level.Wind: post‑storm gusts around 15‑20 km/h, drying the rock surface.Temperature: mild coastal chill, roughly 12 °C.Why This Matters: Highlighting Remote Coastal Climbing in WalesThe piece underscores a growing niche of climbers seeking untouched tors along the Welsh coast. The volcanic geology offers a texture “rough as old bark,” while the surrounding landscape—sandy Trefdraeth Bay, gorse scrub, and distant fishing boats—provides a dramatic backdrop that differentiates these sites from inland crags.Looking Ahead: Future Exploration of Pembrokeshire’s TorsAfter topping the boulder, the author spots a freshly‑moulted adder, a reminder of the area’s rich biodiversity. The encounter, combined with the panoramic sea view, suggests that Pembrokeshire’s tors will continue to attract adventurous climbers and nature enthusiasts alike, encouraging more detailed route documentation and sustainable access initiatives.
#Pembrokeshire #Carningli Common #Eben Muse
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Sports May 13, 2026

The World's Longest Football Derby: New Zealand's 386-Mile Rivalry

The article explores the world's longest football derby, with the New Zealand derby between Aucklan…
The World's Longest Football DerbyCarlisle and Barrow will play each other next season in the Cumbrian derby in the National League. The clubs are located at opposite ends of Cumbria and the distance between the two grounds is some 78 miles by car. But this is not the greatest distance between two teams involved in a 'derby'.When considering derbies, we are looking for matches between teams that are linked based upon their proximity or geography, rather than simply historical rivalries like the 'clásico' between Real Madrid and Barcelona.UK Derbies: The Cumbrian ContenderWithin the UK, the Cumbrian derby certainly looks the furthest derby by distance. If we are staying in England, the closest we can get to 78 miles is the A49 derby between Shrewsbury Town and Hereford United, separated by 51 miles, although it should be said that the two teams have not met since the latter was dissolved in 2014.In England, thoughts immediately go to Crystal Palace and Brighton, dubbed the M23 derby, but a quick search reveals that Selhurst Park is a mere 46 miles from the Amex Stadium. It is also 46 miles that separate the stadiums of Plymouth Argyle and Exeter City, the Devon derby. Just behind are Ipswich and Norwich – the East Anglian derby (AKA El Tractico or the Old Farm) – with Portman Road and Carrow Road 45 miles apart.International Long-Distance DerbiesFarther afield, we must mention the derby between Persib Bandung and Persija Jakarta, who take part in the Indonesia derby, or Laga Klasikal as it is locally known, with Persib's Gelora Bandung Lautan Api Stadium lying 108 miles away from Persija's Jakarta International Stadium in Indonesia's capital.Italy is fertile ground for a host of famous derbies, and it is here that we find some of the longest-distance derbies. Of course there is the Derby d'Italia between Milan and Juventus, with 85 miles separating San Siro and Juve's Allianz Arena in Italy's north-west. The Derby di Sicilia between Palermo and Catania spans a whopping 134 miles across the breadth of Sicily, while the Derby delle Isole (Derby of the Islands) between Palermo and Sardinian club Cagliari goes even further – a full 250 miles across the Tyrrhenian Sea.The Champion: New Zealand's 386-Mile DerbyOur winner, though, comes from New Zealand's North Island. With Auckland FC only entering the A-League Men in 2024-25, the New Zealand derby between themselves and Wellington Phoenix is still very much in its infancy but has already blossomed into something substantial. In February, just the sixth edition of the derby, a comical own goal from Wellington goalkeeper Josh Oluwayemi sparked a 5-0 thrashing by Auckland, prompting Phoenix coach Giancarlo Italiano to resign immediately after the defeat. With 386 miles between the two grounds, the NZD is our clear winner.The Evolution of Geographic DerbiesThe existence of such long-distance derbies challenges our traditional understanding of what constitutes a local rivalry. In an era where football has become increasingly globalized, these geographic matchups represent unique connections between communities separated by vast distances. The New Zealand derby, in particular, showcases how even in a country with a relatively small population, football can create intense rivalries across significant geographical divides.The Future of Long-Distance DerbiesAs football continues to evolve, we may see more long-distance derbies emerge, particularly in regions with expanding leagues or where new clubs are formed to serve underserved areas. The New Zealand derby between Auckland and Wellington Phoenix is a prime example of how modern football infrastructure and scheduling can create meaningful rivalries regardless of distance. With the increasing popularity of travel and fan engagement, these long-distance derbies may become even more significant in the future of football culture.Double Winners in FootballDeji Elerewe has won the title with both Bromley (League Two) and Lincoln (League One) this season. Has any other player managed the same feat?We covered this answer 10 years ago in a previous Knowledge, but regular contributor Dirk Maas has come in clutch with some additions, although he does clarify that he has limited his search to the top five leagues in Europe in this century.There are several examples of players winning titles with different teams in the same season, including:Jonas Urbig with Köln (2. Bundesliga) and Bayern Munich (Bundesliga) in 2024-25Leigh Griffiths with Celtic (Scottish Premiership) and Wolverhampton (League One) in 2013-14Urby Emanuelson with Ajax and Milan in 2010-11Daniel Amartey with Leicester City and FC Copenhagen in 2015-16Timothy Weah with Paris Saint-Germain and Celtic in 2018-19Khvicha Kvaratskhelia with Napoli and PSG in 2024-25There are also alternative cases where seasons happen at different times of year, such as David Beckham achieving this by picking up an MLS winner's medal with LA Galaxy and a Ligue 1 winner's medal with Paris Saint-Germain in 2012-13.
#Football #Derby #Auckland FC
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Entertainment May 13, 2026

Uprising by Tahmima Anam: A Fiery Novel of Female Rebellion

Tahmima Anam's 'Uprising' is a powerful novel of female rebellion set on an isolated Bangladeshi is…
A Novel of Female Defiance"Yes, you will leave this place," the chorus of child protagonists in a community of sex workers say at the start of Tahmima Anam's incantatory and fiery new novel of female defiance, Uprising. "This story will save your life," we were told three times in Deepa Anappara's 2020 debut, also featuring precarious children dwelling in the margins. What is the distance between imagination and action, lived realities and dreams? How can solidarities be forged in such circumstances? Uprising holds within its pages some answers and a deep conviction – for a better life, a more just world – and then reaches out and fights for it.The Island Community and Its OppressionAs a journalist, Anam visited the infamous "floating brothel" Banishanta in Bangladesh; her new novel, set on an isolated island "at the end of the country, in the middle of a river that emptied into the sea", fictionalises the island's community and ecological precarity. Here, a generation of daughters grow up watching their mothers trapped in sex work – "we knew that the work was something that was paid for in money, and also in bodies" – and wish a different life for themselves. The women are controlled by the cruel Amma, who was once herself sold into sex trafficking. The victim becomes the perpetrator – and the children are discerning enough to know that their mothers are "not here because they had done something bad, but because something bad had been done to them". The first lesson of the island? No one is coming to save you – and living here changes you, as inexorably as the rising tides.The island is a prison. The mothers are ghosts of their former selves. The children, witnessing the "sexing", are all too grown up, stripped of their innocence. By the time they are born, their mothers' memories have faded "like paint in the sun"; they live on the island "tied to" their daughters. What, or who, will it take to break free from these chains?Feminism and Climate Crisis in LiteratureWhen the waters rise, customers stay away. The mothers speculate: "the swirling river was keeping the smaller boats from making the journey"; "the land was cursed". In a last-ditch attempt to lure men back for business, Amma sends for a new girl. Little does she know that Kusum Khan's arrival will signal the beginning of the end. A girl from the city with a history of participating in protests against the Dictator, she doesn't acquiesce to the island's rules, as the others have been conditioned to; instead, she sows the seeds for what will grow into a life-altering act of resistance. The children start to believe that she is their saviour – maybe even Bon Bibi, a legendary guardian of the forest. A different life seems graspable, just beyond the island's shore. When the titular uprising at last arrives, it summons an all-consuming storm, washing over the island. And the reader, too, is ready to join the revolution – their fist in the open air.Uprising is a feminist novel ("here they were: a wall of women") and a protest novel ("The moment Kusum entered the protest, she felt as if she was becoming a small organ in a living, breathing thing"). It is a coming-of-age novel, and a response to the climate crisis; a story of sisterhood protecting, and failing to protect; of structural inequality and the rotten core of patriarchal corruption; of unlucky women in an unfair world. "When the men came to reclaim the island, we stood rooted in place with our eyes closed, unable to watch. We stood rooted in place with our eyes open, unable to stop watching." While the mothers and daughters in Anam's fictional world are victims of specific generational violence, this observation can be applied to humanity at large: we are all watching – frozen, complicit – as injustices rise the world over.The Power of Rage and Radical HopeThrough her unwaveringly political and unflinchingly forthright novel, Anam shows the power of rage and radical hope. A new world can burn bright from the fires of injustice – and here, it's the mothers that hold the match.
#Tahmima Anam #Uprising #Feminist Fiction
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Entertainment May 13, 2026

Cannes: The Beautiful Grueling Circus That Defines Cinema

Agnès Poirier reflects on the Cannes Film Festival as a unique, exhausting yet magical experience t…
The Unparalleled Experience of CannesNothing prepares you for the shock that is the Cannes film festival: the adrenaline, the fatigue, the elation and the emotion, but also the hunger, the anger, the magic and the ridicule. For young cinephiles, and for almost everybody who works in the film industry, it is the mecca of cinema and has been so for nearly eight decades. Anyone going for the first time this week, as I did 25 years ago, should not listen to the old grognards – Cannes' battle-worn veterans – who will lament that the festival has become an abominable circus and swear this year will be their last. It is a circus, and you can bet they will be back for as long as their knees can take it. For there is nothing quite like it.From Resistance to Global Cinema HubBorn to counteract Benito Mussolini's Venice film festival, its first edition was planned for September 1939, but Adolf Hitler had other plans. The previous year, under pressure from Berlin and Rome, the Venice film festival's top prize, the Coppa Mussolini, was handed to Leni Riefenstahl's propaganda film Olympia, prompting the French, British and American delegates to walk out. Hence Cannes, conceived as the festival of the "free world". More than 80 years later, for all its sins, it has remained faithful to that founding promise.The Expansive Scale of Modern CannesOver the decades, Cannes has mutated into an ever-hungrier mammoth, needing more space, and more venues, as it attracts an increasing number of journalists and professionals. A purpose-built Palais des Festivals had to be erected in the 1980s. "The bunker", as we have come to call it, is not exactly beautiful but brutally efficient at managing Cannes' mind-boggling crowds. This year, about 40,000 accredited festival-goers are descending on the French Riviera from 140 different countries, with dozens of films selected across all sidebars. At the same time, the Marché du Film, running alongside the festival since the late 1960s, is gathering about 16,000 participants, with thousands of films and projects up for sale. Cannes is both a summit for the cinema elite and a giant film bazaar.Three Worlds Colliding at La CroisetteFor 11 days in May, three different worlds lead parallel lives – critics, deal-makers and red-carpet royalty – colliding almost by accident on the seafront boulevard known as La Croisette. Hundreds of critics watch multiple films a day with monastic discipline. When they give in to parties, they bitterly regret it the next morning. You can spot some of us sleeping through entire screenings; how some colleagues manage to review films is a mystery. I remember a well-known French critic who had such vivid dreams in the darkness that he became convinced they were scenes in the films. His reviews were full of brilliant analysis of moments that did not exist.We critics rush between screenings, press conferences, interviews, our desks and the bunker's free espresso machines, often forgetting to eat or even pee. Downstairs, in the bunker's basement, and in hotel suites and rented apartments, the film market runs day and night: buyers juggle numbers, producers charm, directors and screenwriters fight for their vision. Above them floats Cannes' top layer – stars and "talent" spending hours in hair and makeup before climbing the 24 steps of the red carpet in borrowed couture and jewellery. When people in the industry groan, "oh God, it's Cannes again", it is this collision of financial anxiety, choreographed glamour and sheer exhaustion they are bracing themselves for.The Magic and Meaning Behind the GlamourThese worlds sometimes collide in the most poetic or grotesque ways. One morning, rushing to my first screening at 7.30am, I was walking along the Croisette when I saw, coming towards me, slightly dishevelled in a tuxedo, Jack Nicholson on his way back to his hotel after a long night. I smiled, he smiled back. He was alone, no bodyguards, no chaperones. Those were the days. I also shared a lift with Takeshi Kitano in full samurai attire, and I will never forget turning into a hotel corridor and finding myself nose to nose with Max von Sydow – Ingmar Bergman's medieval knight from The Seventh Seal. My cinephile heart skipped a beat.One of my favourite sidebars in Cannes, alongside the competition where you watch the year's best crop of films, is Cannes Classics, showing restored world masterpieces and documentaries about cinema. I always start the festival there: it is the best way to reset and begin afresh. Then I am ready for the 10-day onslaught of motion pictures, and for the magic moment that precedes each Cannes screening – the festival's own jingle, a palm ascending the red carpet from underwater and then into the sky, lifted by the ethereal arpeggios of Camille Saint-Saëns's Carnival of the Animals.Cannes: Enduring Symbol of Cinematic ResistanceIn 1955, Cannes gave its first official Palme d'Or to Delbert Mann's Marty; half a century later I found myself befriending its wonderful star, Betsy Blair, on the Croisette. I had the joy of seeing Ken Loach twice climbing those steps to collect the Palme, escorted by police outriders from Nice airport as if he were a head of state. I watched Iranian directors Jafar Panahi and Mohammad Rasoulof showing films at peril to their lives. For all the craziness of the red carpet and the samurai outfits, Cannes never forgets that it was founded as a gesture of resistance. That, as much as the glamour and the exhaustion, is why we keep going back.
#Cannes Film Festival #Agnès Poirier #cinema
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Business May 13, 2026

Trump Tower $1.5bn Gold Coast Project Scrapped Over ‘Toxic’ Brand

A $1.5 billion Trump Tower project on the Gold Coast was abandoned less than three months after a h…
The Quick Collapse of the $1.5bn Gold Coast Trump Tower DealIn February, David Young of Altus Property Group and Eric Trump announced a partnership to build the tallest tower in Australia on the Gold Coast, branding it Trump International Hotel & Tower Gold Coast. Within three months the agreement was terminated, with both sides blaming each other.Why Altus Property Group Cited the Trump Brand as ‘Toxic’Young posted on LinkedIn that the ongoing war in Iran had made the Trump brand “toxic to Australians”, claiming the negative perception was “pure sensationalism” and not related to the President himself.Altus argued the brand’s image was harming marketability.The Trump Organization responded that Altus failed to meet basic financial obligations.Financial Stakes: $1.5bn Project and Developer’s Bankruptcy HistoryProjected investment: $1.5 billion.Young has declared bankruptcy twice; the first was later annulled.The Trump Organization alleged missed payments upon execution of the agreement.Implications for Luxury Branding and Gold Coast DevelopmentThe fallout highlights the risk of attaching politically charged brands to high‑profile real‑estate projects, especially in a market sensitive to international conflicts. Gold Coast mayor Tom Tate confirmed no formal planning application had been submitted, underscoring regulatory caution.What’s Next for the Site and Similar High‑Profile ProjectsAnalysts predict the land will likely be re‑marketed under a different brand, but securing financing may remain challenging given the developer’s track record. The episode may deter other developers from pursuing “flash‑in‑the‑pan” branding strategies without solid financial backing.
#Trump Organization #Altus Property Group #David Young
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Health May 13, 2026

Prenatal Veggie Exposure May Shape Kids' Taste Preferences, Study Finds

A small study led by Prof Nadja Reissland at Durham University found that fetuses exposed to kale o…
Study Shows Fetal Exposure to Vegetable Flavours Influences Post‑Birth PreferencesThe research team gave pregnant volunteers powdered kale or carrot capsules during the third trimester and later measured their children’s facial reactions to the same smells. Reactions were recorded via ultrasound before birth, repeated at three weeks, and again when the children were about three years old.Methodology: Kale and Carrot Powder Capsules Administered to Expectant MothersParticipants were asked to swallow a capsule each day containing either kale or carrot powder. The study avoided large volumes of juice, which many volunteers found unpalatable, opting for a low‑cost capsule format.Capsules administered in late pregnancy (around 32 weeks gestation).Initial chemosensory response captured with ultrasound imaging.Follow‑up assessments at 3 weeks and 3 years post‑birth.Sample Size and Observed Reactions Reveal Early Flavor MemoryAlthough the cohort was modest, the findings were consistent:12 children were observed at age three.Infants exposed to carrot powder smiled when presented with a carrot scent and grimaced at kale, and vice‑versa for the kale group.The same preference pattern was evident in the ultrasound scans before birth.These results suggest that flavour exposure in utero can create a durable chemosensory memory.Potential Public‑Health Benefits of Early Dietary ConditioningIf replicated on a larger scale, the approach could offer a low‑cost strategy for improving population nutrition:Reducing childhood resistance to vegetables may lower long‑term risks of obesity and diet‑related diseases.Capsules are inexpensive and could be integrated into routine prenatal supplements.The concept is adaptable to different cultural diets, as noted by the researchers’ interest in fish‑rich Japanese diets.Next Steps: Larger Trials and Cross‑Cultural ApplicationsThe authors acknowledge the need for a bigger, funded study to confirm the effect across diverse populations. Future research aims to:Expand the sample size to hundreds of mother‑child pairs.Test additional flavours and odourants, including artificial sweeteners.Explore policy pathways for incorporating flavour‑exposure capsules into prenatal care guidelines.Published in Developmental Psychobiology, the paper titled “Do Human Fetuses Form Long‑Lasting Chemosensory Memories?” opens a new avenue for early nutritional interventions.
#Durham University #Prof Nadja Reissland #prenatal nutrition
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Politics May 13, 2026

Why Peace Efforts Have Failed to End Sudan’s Conflict

Peace initiatives in Sudan have repeatedly collapsed despite multiple regional and international at…
Escalating Deadlock: Why Recent Sudanese Peace Initiatives Stalled The promise of a swift end to Sudan's civil war has faded as ceasefires crumble and diplomatic talks stall. While the Riyadh Agreement and subsequent UN‑backed rounds raised hopes, deep‑seated mistrust between the Rapid Support Forces (RSF) and the Sudanese Armed Forces (SAF) has kept the conflict alive. Fragmented Negotiations and Competing Power Centers Multiple parallel tracks – the African Union, the United Nations, and Gulf states – have pursued overlapping agendas, creating contradictory pressure points. Neither the RSF nor the SAF recognizes the other as a legitimate negotiating partner, leading to repeated walk‑outs. Regional rivals, notably Egypt and Ethiopia, back different factions, turning the peace process into a proxy arena. Humanitarian Costs and Economic Toll: Numbers Behind the Stalemate By May 2026, the United Nations estimates over 5.2 million people displaced internally, with 1.8 million seeking refuge abroad. Casualties exceed 400,000 since the war resumed in 2023, according to the International Committee of the Red Cross. Sudan’s GDP contracted 12 % in 2025, and inflation surged past 250 %, eroding public services and fueling further unrest. Regional Ripple Effects: How Sudan’s Conflict Undermines Stability Border clashes have spilled into South Sudan and Chad, threatening a broader East‑African security crisis. Refugee flows strain humanitarian budgets in neighboring countries, prompting donor fatigue. Disruption of the Nile’s upstream water projects raises tensions with Egypt, complicating any diplomatic breakthrough. Paths Forward: Scenarios for Renewed Diplomacy UN‑led inclusive summit – a single‑track conference that forces both parties to sit together under a binding ceasefire framework. African Union mediation with a phased implementation plan tied to concrete security guarantees. Increased economic incentives – targeted sanctions relief and reconstruction funds – contingent on verifiable disarmament steps. Without a coordinated, inclusive approach that addresses both the power dynamics on the ground and the regional interests at play, peace efforts are likely to remain episodic and ineffective.
#Sudan #Peace talks #United Nations
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Business May 12, 2026

eBay Rejects GameStop's $56 Billion Takeover Bid as 'Not Credible'

eBay has rejected GameStop's $56 billion takeover bid, calling the proposal 'neither credible nor a…
The LeadeBay has firmly rejected GameStop's $56 billion takeover bid, calling the proposal "neither credible nor attractive" due to financing concerns and doubts about the combined company's growth prospects. The rejection comes as GameStop CEO Ryan Cohen attempts to take the offer directly to shareholders despite significant skepticism from analysts and investors.The Rejection DetailseBay, which has roughly four times GameStop's market value, underscored on Tuesday that its turnaround efforts under CEO Jamie Iannone have boosted growth, with its stock returning 201 percent since Iannone took the position six years ago. "We have concluded that your proposal is neither credible nor attractive," eBay Chairman Paul Pressler said in a statement. "eBay's Board is confident the company, under its current management team, is well-positioned to continue to drive sustainable growth."He also pointed to concerns with GameStop's bid, including its financing, its effect on eBay's long-term growth and the leadership structure of a potentially combined company. GameStop did not immediately respond to a request for comment.Financial Analysis and Market ReactionLast week, GameStop CEO Ryan Cohen surprised Wall Street with his bid, which included a $20 billion debt financing commitment from TD Bank. Analysts and investors have doubted whether the half-cash, half-stock bid for eBay from the $12 billion video game retailer would close.eBay stock has been trading far below the offer price of $125 per share since the bid was made this month. It fell 1.3 percent on Tuesday to $106.68, while GameStop was down nearly 2 percent in early trading. In the last 12 months, eBay's stock has climbed 56 percent while GameStop's has dropped 18 percent.Industry ImplicationsThe proposed deal is drawing attention in a robust mergers and acquisitions market and among retail investors, for whom Cohen has been a hero since he helped rally a short squeeze in 2021 that hurt hedge funds such as Melvin Capital. The offer has upset some GameStop investors; Michael Burry, of The Big Short fame, sold his stake after the offer, warning it would saddle GameStop with debt and dilute share value.Both eBay and GameStop sell collectibles such as trading cards, but their main businesses are different. While eBay earns fees by connecting buyers and sellers online without holding inventory, GameStop buys goods wholesale and resells them through physical stores. Analysts noted that eBay already has an EBITDA margin of 31 percent, three times higher than GameStop's 10 percent.Future OutlookCohen, who has built a 5 percent position in eBay, has signaled he may be ready to take the offer directly to eBay shareholders, possibly by calling a special meeting. That can be difficult as calling a meeting requires a bigger stake. The GameStop CEO said he has a debt financing commitment letter from TD, contingent on the combined company receiving an investment-grade rating. Moody's said last week the deal would be credit negative for eBay. Sources familiar with the matter said eBay thinks it is highly unlikely that a combined company would be considered investment grade.Cohen has argued that by combining GameStop and eBay, he could cut costs and find synergies to create a much bigger enterprise. He said he could boost eBay's profitability by replicating GameStop's cost-cutting drive and use its 600 US stores as a physical network to help turn eBay into a tougher rival to Amazon. In a CNBC interview, Cohen offered little explanation of how GameStop would finance the deal, saying only that it would be paid for with cash and stock.
#eBay #GameStop #Ryan Cohen
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