Changyou Announces Closing of Initial Public Offering and Underwriters' Exercise of Option to Purchase Additional Shares

Tuesday, April 07, 2009 5:00 PM

BEIJING, April 7 /PRNewswire-Asia/ -- Changyou.com Limited ('Changyou' or the 'Company') (Nasdaq: CYOU), a leading online game developer and operator in China, today announced the closing of its initial public offering of a total of 8,625,000 American Depositary Shares ('ADSs') at the public offering price of $16 per share. The offering included a total of 1,125,000 ADSs sold by Sohu.com (Game) Limited ('the selling shareholder'), an indirect wholly-owned subsidiary of Sohu.com Inc. (Nasdaq: SOHU), pursuant to the underwriters' over-allotment option, which was exercised in full.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090402/CNTH020 )

The Company sold 3,750,000 ADSs and the selling shareholder sold 4,875,000 ADSs, including the over-allotment, in the offering. Proceeds to the Company 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 the Company or the selling shareholder.

Sohu.com Inc. now holds approximately 68.5% of the total outstanding equity interest in Changyou and controls approximately 80.8% of the total voting power.

Credit Suisse Securities (USA) LLC and Merrill Lynch & Co. acted as joint book runners, Citigroup Global Markets Inc. acted as senior co-manager, and Susquehanna Financial Group, LLLP acted as co-manager for the offering.

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.

    For investor and media inquiries, please contact:
    In China:
     Mr. Yaobin Wang
     Changyou.com Limited
     Tel:   +86-10-6272-7777
     Email: ir@cyou.com
     Mr. Derek Mitchell
     Ogilvy Financial, Beijing
     Tel:   +86-10-8520-6284
     Email: derek.mitchell@ogilvy.com
    In the United States:
     Mr. Thomas Smith
     Ogilvy Financial, New York
     Tel:   +1-212-880-5269
     Email: thomas.smith@ogilvypr.com

SOURCE Changyou.com Limited

(Source: PR Newswire )

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