When eBay bought GSI Commerce for $2.4 billion in cash and debt in March, it was somewhat surprising to lean that the e-commerce giant’s founder and CEO Michael Rubin was not staying on with eBay. Instead of joining his new parent company, Rubin announced he would form a new independent company that would include the GSI businesses that eBay didn’t want (or more kindly put, were ‘not core to the company’s long-term growth strategy’). These businesses included GSI’s licensed sports merchandise business, Fanatics, ShopRunner and flash sales site Rue La La. Today, Rubin is officially announcing the new holding company, called Kynetic, which for now features the e-commerce businesses mentioned above.
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