Last week, we gave you the breaking news about Hot Topic buying ThinkGeek.

But now, it looks like Geeknet, Inc. has terminated that deal in favor of an even bigger one with GameStop.

Geeknet also announced that it had terminated its previously announced merger agreement with Hot Topic, Inc. (“Hot Topic”). Following discussion with both GameStop and Hot Topic, the Board of Directors of Geeknet determined that the GameStop transaction represented a superior proposal. Geeknet will pay Hot Topic a termination fee pursuant to the Hot Topic agreement, for which GameStop has agreed to reimburse Geeknet.

(It’s ok to breathe a sigh of relief. I’ll wait.)

Ready to continue? Ok.

According to a press release issued by Geeknet themselves that is dated today, the company has “entered into a definitive agreement under which GameStop will acquire all of the outstanding shares of Geeknet’s common stock” for a “total equity value of approximately $140 million.”