Changyou Announces Closing of Initial Public Offering and Underwriters' Exercise...

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

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

In China - Mr. Yaobin Wang, Changyou.com Limited, +86-10-6272- 7777, or
ir@cyou.com, or Mr. Derek Mitchell, Ogilvy Financial, Beijing, +86-
10-8520-6284, or derek.mitchell@ogilvy.com, In the United States - Mr. Thomas
Smith, Ogilvy Financial, New York, +1-212-880-5269, or
thomas.smith@ogilvypr.com for Changyou.com Limited