CYOU Changyou com Limited

BEIJING, April 7 /PRNewswire-Asia/ -- Changyou.com Limited ("Changyou" or the "Company") (NASDAQ:CYOU), a leading online game developer and operator in China, today announced the closing of its initial public offering of a total of 8,625,000 American Depositary Shares ("ADSs") at the public offering price of $16 per share. The offering included a total of 1,125,000 ADSs sold by Sohu.com (Game) Limited ("the selling shareholder"), an indirect wholly-owned subsidiary of Sohu.com Inc. (NASDAQ:SOHU), pursuant to the underwriters' over-allotment option, which was exercised in full. (Logo: http://www.newscom.com/cgi-bin/prnh/20090402/CNTH020 ) The Company sold 3,750,000 ADSs and the selling shareholder sold 4,875,000 ADSs, including the over-allotment, in the offering. Proceeds to the Company and the selling shareholder from ADSs sold in the offering are estimated to be approximately $55.8 million and $72.5 million, respectively, for total proceeds of approximately $128.3 million after deducting underwriting discounts and commissions but before deducting offering expenses payable by the Company or the selling shareholder. Sohu.com Inc. now holds approximately 68.5% of the total outstanding equity interest in Changyou and controls approximately 80.8% of the total voting power. Credit Suisse Securities (USA) LLC and Merrill Lynch & Co. acted as joint book runners, Citigroup Global Markets Inc. acted as senior co-manager, and Susquehanna Financial Group, LLLP acted as co-manager for the offering. About Changyou Changyou.com Limited ("Changyou") (NASDAQ:CYOU) is a developer and operator of online games in China. Changyou currently operates two MMORPGs, including the in-house developed Tian Long Ba Bu and the licensed Blade Online. Changyou has three pipeline games scheduled to begin open beta testing in 2009 and 2010, including the in-house developed Duke of Mount Deer, as well as the licensed Immortal Faith and Legend of the Ancient World. For investor and media inquiries, please contact: In China: Mr. Yaobin Wang Changyou.com Limited Tel: +86-10-6272-7777 Email: Mr. Derek Mitchell Ogilvy Financial, Beijing Tel: +86-10-8520-6284 Email: In the United States: Mr. Thomas Smith Ogilvy Financial, New York Tel: +1-212-880-5269 Email: http://www.newscom.com/cgi-bin/prnh/20090402/CNTH020 DATASOURCE: Changyou.com Limited CONTACT: In China - Mr. Yaobin Wang, Changyou.com Limited, +86-10-6272- 7777, or , or Mr. Derek Mitchell, Ogilvy Financial, Beijing, +86- 10-8520-6284, or , In the United States - Mr. Thomas Smith, Ogilvy Financial, New York, +1-212-880-5269, or for Changyou.com Limited

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