Geek culture is hot, hot, hot. And, because of this, companies are fighting over ThinkGeek, the go-to online retailer for geek-related merchandise.
On Tuesday, May 26, Hot Topic announced that it planned to purchase Geeknet, Inc., ThinkGeek’s parent company for an estimated $122 million.
But on Tuesday, June 2, video game company GameStop whipped it out. And GameStop’s is bigger.
According to the company’s press release, GameStop and Geeknet have entered into an agreement in which GameStop will acquire Geeknet and its subsidiaries in a deal worth approximately $140 million.
Because Hot Topic and Geeknet already had a deal on the table, Geeknet has to pay Hot Topic a termination fee. But GameStop says it will foot that bill.
“This acquisition creates value to all stakeholders involved,” says GameStop CEO Paul Raines. He continues, “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.”
Although Hot Topic already features geek-related merchandise in its stores, and has for years, many geeks seem happier with the idea of a gaming company behind ThinkGeek than a mall clothing store.
But what do you think? Will GameStop do a better job with ThinkGeek than Hot Topic would have? Post your thoughts in the comment section below.