Charles Zhang made a non-binding proposal to acquire Changyou.com Limited (NasdaqGS:CYOU) from Sohu.com Inc. (NasdaqGS:SOHU) and others for $2.2 billion on May 22, 2017. As per the proposal, Charles Zhang will acquire all of the outstanding Class A and Class B ordinary shares of Changyou, including ordinary shares represented by ADS, at a purchase price equal to $21.05 per share (or $42.10 per ADS), in cash. Charles Zhang intend to finance the transaction with a combination of equity and/or debt capital. The Board of Changyou intends to form a special committee consisting of independent directors to consider the proposal.

On May 26, 2017, the Board of Directors of Changyou.com Limited has formed a special committee consisting of three independent and disinterested Directors, Dave De Yang, Charles Chan and Xiao Chen, to review and evaluate non-binding proposal between Changyou.com Limited and Charles Zhang. Kirkland & Ellis acted as legal advisor to Charles Zhang. Citigroup Global Markets Inc. acted as financial advisor and Stephanie Tang, Gregory Gewirtz, Weina Guan, George Karafotias, Paula Anderson, Alan Goudiss, Lara Aryani, Zana Operta and Mallory Brennan of Shearman & Sterling as legal advisor to the special committee of Sohu.com's Board of Directors. Duff & Phelps Securities, LLC and Duff & Phelps, LLC acted as financial advisor and Peter Huang of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to the special committee of the board of directors of Changyou.com Limited.

Charles Zhang canceled the acquisition of Changyou.com Limited from Sohu.com Limited (NasdaqGS:SOHU) and others on September 9, 2019.