EBay isn’t necessarily for sale, but parts of it could be soon.

At first blush, the company’s settlement with activist investors Elliott Management and Starboard Value LP seemed anticlimactic, with boilerplate language indicating that a sale or spinoff of the StubHub and classifieds businesses were just two of myriad strategic outcomes the company would evaluate. But the addition of Elliott’s Jesse Cohn to eBay’s board tips the odds toward a different outcome.