Sohu.com Limited reports recurring developments for a Chinese online media platform and game business group whose securities trade on Nasdaq as American depositary shares. Company updates commonly cover unaudited quarterly and annual results, marketing services revenue, online game revenue, gross margin trends, and annual report availability.
Sohu operates Chinese-language web and mobile properties including Sohu News App, Sohu Video App, its mobile and PC portals, and community-based content services using text, pictures, video, and live broadcasting. Its online games business is conducted through Changyou, which develops and operates PC and mobile games including Tian Long Ba Bu (TLBB), Legacy TLBB Mobile, and related game platforms.
Sohu.com Limited (NASDAQ: SOHU) announced that its subsidiary Sogou Inc. (NYSE: SOGO) has entered a definitive agreement to merge with Tencent Parties in an all-cash transaction, making Sogou an indirect wholly-owned subsidiary of Tencent. This merger will occur at $9.00 per share, providing a 56.5% premium over Sogou's last closing price before the proposal. Sohu will receive approximately $1.18 billion from the sale of its Sogou shares. The merger is expected to close in Q4 2020, after which Sogou ADSs will no longer be traded on the NYSE.
Sohu.com Limited (NASDAQ: SOHU) reported its second-quarter financial results for 2020, showcasing total revenues of US$421 million, a decline of 9% year-over-year. Brand advertising revenues dropped 14% year-over-year, although they increased 48% quarter-over-quarter. The company experienced a GAAP net loss of US$80 million. However, excluding a one-time tax accrual, the adjusted net income stood at US$8 million. Sohu forecasts Q3 brand advertising revenues between US$37 million and US$42 million. The ongoing effects of COVID-19 remain a concern.
Sohu.com Limited (NASDAQ: SOHU) announced that its subsidiary, Sogou Inc. (NYSE: SOGO), received a non-binding acquisition proposal from Tencent Holdings Limited. The proposal offers $9.00 per share, representing a premium of approximately 56.5% over Sogou's closing share price on July 24, 2020. If accepted, Sogou would become a wholly-owned subsidiary of Tencent, and its shares would be delisted. Sohu's board has yet to evaluate the proposal, and Tencent plans to finance the acquisition entirely with cash on hand.
Sohu.com Limited (NASDAQ: SOHU), a major online media and gaming group in China, will announce its second quarter 2020 unaudited financial results on August 10, 2020, before U.S. markets open. The management team will host a conference call on the same day at 7:30 a.m. ET. Due to COVID-19, pre-registration for the call is required, with details available online. A replay will be accessible from 10:30 a.m. ET on August 10 through August 18, 2020. Sohu is renowned for its online media, search engine, and gaming services, significantly impacting the daily lives of millions in China.