Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Singapore-Based E-Commerce Aggregator Una Brands Raises $40 Million for Asia-Pacific Acquisitions
Video Streamer iQiyi Apologizes for Milk Gimmick Gone Sour
Singaporean Ride-Hailing Firm Grab to Launch New Services for Premium Passengers, Pet Owners
TikTok Retains Crown as World’s Top Non-Game App Despite 50% Drop in Downloads
Tencent Reportedly Negotiating Risk-Mitigation Measures to Retain U.S. Gaming Investments
Foxconn to Set Up Chipmaking Joint Venture with Yageo
Excluding Chinese Vendors from Indian 5G Trials Will Hold Back Development, Diplomat Says
Alibaba-Backed MYBank Eyes Deeper Penetration Into Under-Banked Rural China
Vivo and Oppo Claim Top Two Spots in China Smartphone Market as Huawei Falls
U.S. Urges TSMC to Prioritize Supplies to American Carmakers Grappling with Global Chip Shortage
Indonesian Ride-Hailing Unicorn Gojek Aims to Go All Electric by 2030
Tencent-Backed Insurtech Firm Waterdrop Aims to Raise up to $360 Million in U.S. IPO
Which Money-Losing Electric-Car Makers Have Tied Up With Huawei?
Video Platform Bilibili to Buy Stake in Mobile-Game Maker CMGE to Boost Content
Baidu to Roll Out Driverless Robotaxis in Beijing in May
Tesla Challenger Nio Shrinks Losses as Sales Surge
Trending in China: A Beijing Bureaucrat Worked as Delivery Driver for a Day and Earned Just $6
Fjord Focus: Why Are Chinese Electric-Car Makers Flocking to Norway?
Alibaba Has Big Plans for Taobao’s Livestreaming Hawking Business
Xiaomi Extends Reign as India’s Smartphone King Despite Slipping Market Share
Sohu Wants to Privatize Nasdaq-Listed Gaming Company Changyou

By Zhao Runhua / Sep 09, 2019 05:27 PM / Business & Tech

Photo: VCG

Photo: VCG

Chinese media giant Sohu has proposed taking Nasdaq-listed gaming company Changyou.com private, thus making it a wholly owned subsidiary, Sohu announced Monday.

Sohu is already a major shareholder of Changyou, and holds all of the latter’s outstanding Class B ordinary shares. Sohu expects to purchase all of Changyou’s outstanding Class A ordinary shares, including those represented by American Depositary Shares (ADSs) it has yet to purchase, at $5 per Class A ordinary share, or $10 per ADS, in cash.

The proposal is pending Changyou’s consideration, and might involve further negotiations between the two companies. If Changyou accepts the proposal, it will delist from the Nasdaq upon the deal’s completion. Sohu asserted in the proposal that it has informed Changyou that it is not interested in selling Changyou shares or engaging in other transactions involving Changyou.

Facing fierce industry competition and increasingly stringent gaming-license policies, Changyou is under monetization pressure. According to the company’s financial results for the second quarter of 2019, Changyou’s overall revenue and profit both saw quarterly declines.

Changyou’s shares on the Nasdaq have risen more than 50% during pre-market trading as of Monday morning New York time.

Contact reporter Zhao Runhua (runhuazhao@caixin.com)

Related: In Depth: Baidu Plays Catch Up on Mobile With Super App

Share this article
Open WeChat and scan the QR code