What the eBay Split Means for PayPal | Re/code

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"While a split from eBay could help with a lot of this, big questions still remain. If PayPal is going to keep its spot as the backbone of eBay’s marketplace, the two companies are going to have to ink an arm’s length agreement that works for both. PayPal may have to pay for this privilege like other companies do to get its payments buttons on e-commerce sites. It’s not clear how expensive that deal will be, but the relationship is an important one. EBay’s marketplace is responsible for more than 30 percent of PayPal’s revenue and more than 50 percent of its profits, as eBay was happy to point out when it was battling activist investor Carl Icahn earlier this year.

The move could also make PayPal a takeover target, with Google often brought up as a possible buyer. It may now get its chance."

What the eBay Split Means for PayPal | Re/code