Sohu.com Business Summary

Sohu.com Ltd is a foundational Chinese internet company that operates a diversified business model primarily driven by online gaming and digital advertising. As of early 2026, the company generates approximately 87% of its total revenue through its subsidiary, Changyou, which develops and operates popular massively multiplayer online role-playing games (MMORPGs) such as the flagship Tian Long Ba Bu (TLBB) franchise. The remaining revenue is derived from marketing services via its Sohu Media and Sohu Video platforms, which have pivoted toward influencer-based campaigns, live streaming, and high-profile offline events to offset a broader decline in traditional display advertising. In the competitive landscape, Sohu contends with industry titans Tencent and NetEase in the gaming sector, while its media properties compete for user attention and ad spend against Sina (Weibo), Baidu, and Phoenix New Media. Relative to these rivals, Sohu occupies a defensive market position, leveraging a massive cash reserve and a stable, high-margin gaming portfolio to sustain its niche presence as a legacy internet firm. The company is led by its founder, Dr. Charles Zhang, who serves as Chairman and Chief Executive Officer and is a recognized pioneer of the Chinese internet industry. Zhang, who holds a Ph.D. in experimental physics from MIT, maintains a hands-on role in the company’s strategic direction, particularly its "Twin Engine" focus on media and video content. The senior leadership team includes Joanna Lv (Zhiming Lv), who has served as Chief Financial Officer since 2018, and Dewen Chen, the CEO of Changyou, who was a principal founder of the company's gaming business. Sohu’s board of directors features prominent industry figures and academics, including Vanke founder Shi Wang, Dr. Daqing Dave Qi, and Dr. Zhonghan Deng. This leadership team has recently focused on capital management through aggressive share repurchases and the integration of AI to enhance R&D efficiency within their core gaming assets.