Sohu.com Provides Equity Ownership Update Following Closing of Changyou.com IPO
April 07 2009 - 5:00PM
PR Newswire (US)
BEIJING, April 7 /PRNewswire-Asia/ -- Sohu.com Inc. ("Sohu.com" or
"Sohu") (NASDAQ:SOHU), China's leading online media,
communications, search, online games and mobile value-added
services company, today reported the closing of the initial public
offering of its MMORPG subsidiary, Changyou.com Limited
("Changyou") (NASDAQ:CYOU), and the full exercise of the
underwriters' over-allotment option. Changyou sold 3,750,000 ADSs
and Sohu.com (Game) Limited ("the selling shareholder"), an
indirect wholly-owned subsidiary of Sohu, sold 4,875,000 ADSs,
including the over-allotment, in the offering. Proceeds to Changyou
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 Changyou or the selling
shareholder. Sohu now holds approximately 68.5% of the total
outstanding equity interest in Changyou and controls approximately
80.8% of the total voting power. 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. About Sohu.com Sohu.com Inc.
(NASDAQ:SOHU) is China's premier online brand and indispensable to
the daily life of millions of Chinese, providing a network of web
properties and community based/web 2.0 products which offer the
vast Sohu user community a broad array of choices regarding
information, entertainment and communication. Sohu has built one of
the most comprehensive matrices of Chinese language web properties
and proprietary search engines, consisting of the mass portal and
leading online media destination http://www.sohu.com/ ; interactive
search engine http://www.sogou.com/ ; #1 online alumni club
http://www.chinaren.com/ ; #1 games information portal
http://www.17173.com/ ; the top real estate website
http://www.focus.cn/ ; wireless value-added services provider
http://www.goodfeel.com.cn/ ; and leading online mapping service
provider http://www.go2map.com/ . Sohu corporate services consist
of brand advertising on its matrix of websites as well as paid
listing and bid listing on its in-house developed search directory
and engines. Sohu also offers two types of consumer services. The
Company's MMORPG subsidiary, Changyou, currently operates two
MMORPGs, Tian Long Ba Bu and Blade Online. Sohu also offers
wireless value-added services such as news, information, music,
ringtone and picture content sent over mobile phones. Sohu.com,
established by Dr. Charles Zhang, one of China's internet pioneers,
is in its thirteenth year of operation. Safe Harbor Statement This
announcement contains forward-looking statements. It is currently
expected the Business Outlook will not be updated until release of
Sohu's next quarterly earnings announcement; however, Sohu reserves
right to update its Business Outlook at any time for any reason.
Statements that are not historical facts, including statements
about our beliefs and expectations, are forward-looking statements.
These statements are based on current plans, estimates and
projections, and therefore you should not place undue reliance on
them. Forward-looking statements involve inherent risks and
uncertainties. We caution you that a number of important factors
could cause actual results to differ materially from those
contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, the current global
financial and credit markets crisis and its potential impact on the
Chinese economy, the slower growth the Chinese economy experienced
during the latter half of 2008, which could continue into 2009, the
uncertain regulatory landscape in the People's Republic of China,
fluctuations in Sohu's quarterly operating results, Sohu's
historical and possible future losses and limited operating
history, and the Company's reliance on online advertising sales,
online games and wireless services (most wireless revenues are
collected from a few mobile network operators) for its revenues.
Further information regarding these and other risks is included in
Sohu's annual report on Form 10-K for the year ended December 31,
2008, and other filings with the Securities and Exchange
Commission. Sohu.com Contact Information: Ms. Carol Yu Co-President
and Chief Financial Officer Tel: +86-10-6272-6666 Email: Web:
http://corp.sohu.com/ Mr. James Deng Senior Finance Director Tel:
+86-10-6272-6666 Email: DATASOURCE: Sohu.com Inc. CONTACT: Ms.
Carol Yu, Co-President and Chief Financial Officer, +86-10-
6272-6666, or and Mr. James Deng, Senior Finance Director,
+86-10-6272-6666, or , both of Sohu.com Inc. Web site:
http://www.sohu.com/ http://corp.sohu.com/ http://www.sogou.com/
http://www.chinaren.com/ http://www.17173.com/ http://www.focus.cn/
http://www.goodfeel.com.cn/ http://www.go2map.com/
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