Chinese internet company Sohu to take video games unit Changyou private

Photo by JESHOOTS.COM on Unsplash

China-based internet company Sohu.com Ltd said on Friday it would take its majority-owned subsidiary Changyou.com private in an all-cash deal that values the company at about $579 million.

Changyou, which has a portfolio of mobile and computer games including Tian Long Ba Bu, began as a business unit of Sohu.com in 2003 and was later separated.

Sohu said it intends to fund the deal primarily through debt.

Under the agreement, Sohu will pay $10.8 for each Changyou American Depositary Share (ADS), which represents a premium of 82.4% to the closing price of Changyou ADS on Sept. 6, the last trading day prior to Sohu’s proposal to take the company private.

Sohu, which provides multiple news and information services on mobile platforms including a news app and mobile news portal m.sohu.com, expects to close the deal in the second quarter of this year.

China Renaissance is serving as a financial adviser to the Sohu Group for the deal.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.