GameStop Acquires ThinkGeek Owner Geeknet - News
by William D'Angelo , posted on 02 June 2015 / 3,204 Views
Video game retailer GameStop has broadened its reach by acquiring ThinkGeek owner Geeknet. GameStop has bought up all of Geeknet's outstanding shares at $20 per share, which works out at a total of $140 million.
"This acquisition creates value to all stakeholders involved," said GameStop CEO Paul Raines. "The addition of Geeknet is an important expansion of our global multichannel platform and we are excited to leverage their product development expertise to broaden our product offering in the fast-growing collectibles category and deepen relationships with our existing customer base."
Geeknet CEO Kathryn McCarthy added that "Our Board and management team believe this transaction is in the best interest of Geeknet and its stockholders. As a part of GameStop’s family of brands, Geeknet will be well-positioned to achieve our goals of increasing our brand awareness and expanding our product offerings."
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A life-long and avid gamer, William D'Angelo was first introduced to VGChartz in 2007. After years of supporting the site, he was brought on in 2010 as a junior analyst, working his way up to lead analyst in 2012. He has expanded his involvement in the gaming community by producing content on his own YouTube channel and Twitch channel dedicated to gaming Let's Plays and tutorials. You can contact the author at wdangelo@vgchartz.com or on Twitter @TrunksWD.
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ThinkGeek is fun! I'm saddened by this news for some reason. Side note, I'm also seeing MovieStops connected to Gamestops. Is that new? Did I miss something? Is the physical movie market viable enough for GameStop to invest in it?
GameStop acquires who? I have no idea what ThinkGeek is but it sounds like something I should probably care about, at least a little. So bad, I suppose?
Oh, I see now. (Just googled it.) Not as bad as I would've thought but doesn't sound too great anyway.
