Sohu is a Chinese internet company operating two distinct businesses: a money-losing online media platform and a profitable online game business called Changyou. Changyou develops and operates PC-based MMORPGs and mobile games, with its business heavily concentrated in a single IP — Tian Long Ba Bu (TLBB), a Chinese martial arts franchise. The flagship TLBB PC game alone accounts for roughly half of Sohu Group's total revenues. Changyou uses a free-to-play, item-based model where players access games at no cost but pay for virtual items like weapons, character upgrades, and in-game consumables. Changyou also licenses some games to third parties, notably Tencent, which holds an exclusive license to distribute TLBB Mobile titles in China. The Sohu media platform distributes news, video, live streaming, and user-generated content via its apps and PC portals, monetizing through display and performance advertising sold to Chinese domestic brands and multinationals. Sohu is actively pivoting the media business from a traditional portal toward a social network model built around niche interest communities. Changyou's profits effectively subsidize the media platform, which runs at a substantial operating loss. Sohu's growth strategy focuses on extending the TLBB IP through new game variants, diversifying into new game genres, and building distinctive live-streaming and community content to differentiate its media platform from larger rivals.