Sohu.com Ltd

Sohu.com Limited is a leading Chinese online media platform and game business group. The company provides comprehensive online products and services on PCs and mobile devices in the Chinese mainland. Its businesses are conducted by Sohu and Changyou. Sohu operates as an online media content and services provider, enabling users to generate and distribute content and interact through social features. Changyou is an online game developer and operator. Most operations are conducted through Chinese mainland-based subsidiaries and consolidated VIEs. Starting in 2025, the company's "brand advertising business" was renamed the "marketing services business" to reflect its primary focus on advertising and other marketing-related services. The company generates marketing services revenues, online game revenues, and other revenues. For the year ended December 31, 2025, total revenues were approximately $584.3 million. This included marketing services revenues of $60.0 million, online game revenues of $505.7 million, and other revenues of $18.6 million. Sohu's total revenues were $75.4 million, comprising $56.8 million in marketing services revenues and $18.6 million in other revenues. Other revenues primarily came from paid subscription services, revenue sharing from other platforms, and interactive broadcasting services. Changyou's total revenues were $508.9 million, consisting of $505.7 million in online game revenues and $3.2 million in marketing services revenues. Of the online game revenues, $412.7 million was from PC games, and $93.0 million was from mobile games. Sohu's main business is its marketing services business.