BEIJING, April 5, 2018 /PRNewswire/ -- Sohu.com Inc.
(NASDAQ: SOHU), China's leading
online media, video, search and gaming business group, today
reported that on April 5, 2018,
Changyou.com Limited (NASDAQ: CYOU), Sohu's majority-owned online
game subsidiary, announced that Changyou's board of directors has
declared a special cash dividend of US$4.70 per Class A ordinary or Class B ordinary
share, or US$9.40 per American
depositary share ("ADS"), each of which represents two Class A
ordinary shares. The aggregate amount of the special cash dividend
will be approximately US$500
million.
Record holders of Changyou's ordinary shares at the close of
business U.S. Eastern Time on April 20,
2018 (the "Record Date") will be entitled to receive the
special cash dividend. Changyou expects The Bank of New York
Mellon, the depositary bank for Changyou's ADS program, to
distribute dividends to holders of ADSs as of the Record Date on or
about April 26, 2018.
The amount of the dividend payable to Sohu is expected to be
approximately $340 million. Sohu does
not expect to pay any of such dividend to its stockholders, as the
proceeds will be used to support Sohu's operations.
In order to facilitate the distribution of this special
dividend, Changyou has revised its policy for its PRC subsidiaries
with respect to their distribution of cash dividends. Under the
revised policy, all PRC subsidiaries in the Changyou Group will be
able to distribute their cumulative available and undistributed
earnings to their direct overseas parent companies in the Changyou
Group. The change will result in Changyou's accrual of additional
withholding income taxes of approximately $47 million for the period before December 31, 2017. As the parent company of
Changyou, Sohu will also recognize incremental tax expenses in its
financial statements for the quarter ended March 31, 2018.
For more information about the special Changyou dividend, please
refer to Changyou's separate announcement.
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 www.sohu.com; the interactive
search engine www.sogou.com; the developer and operator of online
games www.changyou.com/en/ and the leading online video Website
tv.sohu.com .
Sohu's corporate services consist of online brand advertising on
Sohu's matrix of websites as well as bid listing and home page on
its in-house developed search directory and engine. Sohu also
provides multiple news and information services on mobile
platforms, including Sohu News App and the mobile news portal
m.sohu.com. Sohu's online game subsidiary, Changyou.com (NASDAQ:
CYOU) develops and operates a diverse portfolio of PC and mobile
games, such as Tian Long Ba Bu
("TLBB"), one of the most popular PC games in China. Changyou also owns and operates the
17173.com Website, a leading game information portal in
China. Sohu's online search
subsidiary Sogou (NYSE: SOGO) has grown to become the second
largest search engine by mobile queries in China. It also owns and operates Sogou Input
Method, the largest Chinese language input software. Sohu.com,
established by Dr. Charles Zhang,
one of China's internet pioneers,
is in its twenty-second year of operation.
For investor and media inquiries, please contact:
In China:
Mr. Eric
Yuan
|
Sohu.com
Inc.
|
Tel:
|
+86 (10)
6272-6593
|
E-mail:
|
ir@contact.sohu.com
|
In the United
States:
Ms. Linda
Bergkamp
|
Christensen
|
Tel:
|
+1 (480)
614-3004
|
E-mail:
|
lbergkamp@christensenir.com
|
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SOURCE Sohu.com Inc.