BEIJING, Aug. 29, 2011 /PRNewswire-Asia/ -- Sohu.com Inc.
(NASDAQ: SOHU), China's leading
online media, search, gaming, community and mobile service group,
today announced that its Board of Directors has authorized a
combined share purchase program of up to US$100 million of the outstanding American
Depositary Shares (ADS) of Changyou.com Limited (NASDAQ: CYOU),
Sohu's online game subsidiary, and/or outstanding shares of common
stock of Sohu over a one-year period from September 1, 2011 to August 31, 2012.
(Logo: http://photos.prnewswire.com/prnh/20100201/CNM013LOGO
)
The shares may be purchased from time to time at management's
discretion at prevailing market prices in the open market in
accordance with Rule 10b-18 under the Securities Exchange Act of
1934. Sohu's management will determine the timing and amount of any
purchases of Changyou ADSs and/or Sohu common stock, based on their
evaluation of market conditions, ADS or stock prices and other
factors. The purchase program may be suspended or discontinued at
any time.
"This program underscores our continued confidence in Changyou's
and Sohu's long term growth prospects as well as an ongoing
commitment to increase Sohu shareholder value," said Dr.
Charles Zhang, Chairman and Chief
Executive Officer of Sohu.com. "Our Board of Directors believes
that this program represents a wise use of some of our abundant
cash reserves and that our consistent, healthy operating cash flow
is sufficient to support our multiple growth objectives."
Safe Harbor Statement
This announcement contains forward-looking statements. It is
currently expected that 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 Sohu's 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 uncertain regulatory
landscape in the People's Republic of
China, fluctuations in Sohu's quarterly operating results,
and Sohu'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,
2010, Quarterly Report on Form 10-Q for the quarter ended
June 30, 2011, and other filings with
the Securities and Exchange Commission.
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; interactive search
engine www.sogou.com; #1 games information portal www.17173.com;
the top real estate website www.focus.cn; #1 online alumni club
www.chinaren.com; wireless value-added services provider
www.goodfeel.com.cn; leading online mapping service provider
www.go2map.com; and developer and operator of online games
www.changyou.com/en/.
Sohu corporate services consist of online brand advertising on
its matrix of websites as well as paid listing and bid listing on
its in-house developed search directory and engine. Sohu also
offers wireless value-added services such as news, information,
music, ringtone and picture content sent over mobile phones. Sohu's
online game subsidiary, Changyou.com (NASDAQ: CYOU) and its
subsidiaries currently operates over 10 online games that mainly
includes in-house developed MMORPGs, such as Tian Long Ba Bu, one of the most popular online
games in China, and Duke of Mount Deer, as well as web-based games,
such as DDTank. Sohu.com, established by Dr. Charles Zhang, one of China's internet pioneers, is in its fifteenth
year of operation.
About Changyou
Changyou.com Limited is a leading developer and operator of
online games in China. It began
operations as a business unit within Sohu.com Inc. (NASDAQ: SOHU)
in 2003 predominantly focused on the development and operation of
massively multi-player online role-playing games ("MMORPG").
Changyou was carved out as a separate, stand-alone company in
December 2007, and completed an
initial public offering on April 7,
2009. Changyou and its subsidiaries currently operates over
10 online games that mainly includes in-house developed MMORPGs,
such as Tian Long Ba Bu, one of the
most popular online games in China, and Duke of
Mount Deer, as well as web-based games, such as DDTank. Changyou's
advanced technology platform includes advanced 2.5D and 3D graphics
engines, a uniform game development platform, effective
anti-cheating and anti-hacking technologies, proprietary
cross-networking technology and advanced data protection
technology. For more information about Changyou, please visit
http://www.changyou.com/en/.
For investor and media
inquiries, please contact:
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In China:
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Mr. Eric Yuan
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Sohu.com Inc.
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Tel:+86 (10)
6272-6593
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E-mail:ir@contact.sohu.com
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Ms. Jenny Wu
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Christensen
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Tel:+86 (10)
5826-4939
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E-mail:jwu@ChristensenIR.com
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In the United States:
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Mr. Jeff Bloker
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Christensen
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Tel:+1 (480)
614-3003
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E-mail:jbloker@ChristensenIR.com
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SOURCE Sohu.com Inc.