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Sohu Discusses Sogou Special Dividend Distribution

BEIJING, Sept. 18, 2013 /PRNewswire/ -- Inc. (NASDAQ: SOHU), China's leading online media, search, gaming, community and mobile service group, announced today that its majority-owned search subsidiary Sogou Inc. ("Sogou"), has paid to the holders of Series A Preferred Shares of Sogou ("Series A Preferred Shares") a special dividend in the aggregate amount of $300,892,698. Sohu had previously reported in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on Monday, September 16, 2013 that the dividend had been declared by Sogou's board of directors, and that Sogou would pay the dividend using a portion of the net amount of $448 million in cash proceeds from an investment in Sogou by a wholly-owned subsidiary of Tencent Holdings Limited. Sohu's wholly-owned subsidiary (Search) Limited ("Sohu Search"), received its full pro rata share of the dividend based on the full number of  Series A Preferred Shares it owns, which consists of 24,000,000 shares, as did China Web Search (HK) Limited ("China Web"), which holds 14,400,000 Series A Preferred Shares. Photon Group Limited ("Photon"), which is the investment vehicle of Dr. Charles Zhang, Sohu's Chairman and CEO, and which holds 38,400,000 Series A Preferred Shares of Sogou, waived receipt of the dividend with respect to all but 6,400,000 of the shares Photon holds.  Thus, although Photon holds the most Series A Preferred Shares of the three holders, Photon received the smallest amount of the dividend of the three. The amount of the divided received by Sohu Search was $161,192,517; the amount received by China Web was $96,715,510; and the amount received by Photon was $42,984,671.  

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