This excerpt taken from the SOHU 8-K filed Oct 31, 2008.
SOHU.COM Announces US$150 Million Stock Repurchase Program
BEIJING, CHINA, October 27, 2008 - Sohu.com Inc. (NASDAQ: SOHU), Chinas leading online media, communications, search, online games and mobile value-added services company, today announced that its Board of Directors has authorized a stock repurchase program of up to US$150 million of its outstanding shares of common stock until the end of 2009.
The shares may be repurchased from time to time at managements discretion at prevailing market prices in the open market in accordance with Rule 10b-18 under the Securities Exchange Act of 1934. The Companys management will determine the timing and amount of any repurchases based on their evaluation of market conditions, stock price and other factors. The stock repurchase program may be suspended or discontinued at any time.
This program underscores our continued confidence in Sohus long term growth prospects and ability to maintain its position as a leading Internet portal in China, said Dr. Charles Zhang, Chairman and Chief Executive Officer of Sohu.com. The strength of Sohus strong balance sheet and operating cash flow allows us to take advantage of opportunities surrounding the volatility in US equity markets to repurchase stock and add value to Sohus shareholders.