Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: American depositary shares of Chinese online gaming specialist Changyou.com
So what: The company just agreed to buy gaming news portal 17173.com from Sohu.com
Now what: Sohu is the majority shareholder of both Changyou and 17173, so this might look a lot like a parent company rearranging the living room furniture just to stay busy. However, these subsidiaries are managed at arm's length, independent enough that Changyou had to sign a noncompete agreement with Sohu to get this deal done. The relationship reminds me of how storage giant EMC
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