News: I guess we know where all the money from those used games is going.
GameStop and EB Games have announced that GameStop has purchased EB Games $1.4 billion in cash and stock. The combined companies now have 3800 stores worldwide.
Each company's board of directors unaminously approved the sale, but it still has to be approved by the antitrust commission and each company's individual shareholders.
The AP has reported that "Electronics Boutique founder and Chairman James Kim, who controls about 47 percent of its voting shares, and Leonard Riggio, who owns about 16 percent of GameStop's voting stock, have each agreed to vote their shares for the sale."
GameStop and EB Games often share space in the same malls and plazas around the country and what will happen to these "duplicate" stores, whether they will close or just change the sign out front, was not discussed at this time.
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