i don't know about sogou being worth over $4b today. the entire sohu to be worth over $4b is possible. sogou if previous talks was worth $1.4b assuming that market share haven't really changed much, then sogou itself is worth $2.6+b today. that valuation if correct would mean you got a good amount of changyou and the remaining sohu for free if sogou got sold or a partnership is formed with baidu or qihoo. it's bound to happen as the market still needs to consolidate in china. whoever takes sogou or partners with them will get an additional 10% or more of the search market. isn't that worth something? i think so.