Charles Zhang, so hard, but why not revival Sohu? -Charles Zhang, Sohu-IT information

Three years ago, on May 20, Sohu video homemade variety show the voice of Sprint publishing scene, when the Queen classic music of the song We are the champions, Zhang in the crowd with a smile, standing sideways--out of the depression, he again appeared in front of the public and the media.

Chinese Internet poker table at the time, Sohu chips are not in the hands of many, counting on a comeback after Zhang immediately need the magic is not real, but swimming and sogou Sohu video the business pattern of layout makes Sohu look clear, still has upset opportunity.

Zhang, of course, can see themselves in the outcome of the poker hand, subsequently starting around Sohu sogou, video, serial capital transactions. With sogou Tencent introduced strategic investment deals fell, its media and video entertainment business as the core re Sohu's increasingly clear.

Back Charles Zhang, also with more images of the Sun, giving a fresh feeling. Out of the pleasure, depression and ego to him, still obsessed with running.

"In 2016, I want to return to society more fully" in the first media interview after the Spring Festival this year, a sportswear Zhang couldn't wait to convey a more positive signals to the outside world.

However, it must be recognized that for three years in the past, the best reconstruction of Zhang, Sohu has not been successful . Sogou has good development, but is not industry by sought after of outlet; swim in experience last year series unrest Hou, still in recovery vitality among; Sohu video is missed has PPTV of merger, strategy also has been swing, lack enough funds support, in first group competition in the has left behind, this year again wants to again punches does not easy; news client currently became Sohu of products, but its commercial mode of extended space market yet get recognized.

In fact, Sohu is still maintained in recent years product matrix, no breakthrough other borders , and in addition to sogou's other business is also growing, but their market position in the field of drop, not rise. Most importantly, Sohu also suffered losses , as a veteran of the Internet company, Zhang side barely presentable Executive.

Deep reasons behind them, Sohu's own genes are destined to, and development strategic error? Or Charles Zhang, Sohu, the management style is not suitable for? Where is left to Sohu's last chance?

Portal business missed "today's headlines"

"Sohu is a diversified Internet company, news client, tour, sogou Sohu video will rank in the top three, our goal is Sprint's first news and video. "A former Sohu Executive who declined to be named told the deep Web, after the return of Sohu's most important organized a Conference on management, Zhang said.

According to the understanding of the deep Web, Sohu in around 2014 opens up a new range of adjustments, including: real estate listing plans accelerated sogou, the focus and in areas such as Sohu Sohu news, video, Zhang increased his direct management.

Sohu news client is the most successful product, regardless of brand, layout, or market share, have maintained a good momentum of market-leading.

A former senior to the deep Web that Sohu, Charles Zhang for industry trends always have a very keen sense of judgment, from portals to social networking, video, and mobile media revolution, are laid out in advance.

Of course, the media and entertainment has a deep complex of the Zhang, Sohu in early news client and video begin to exert an important reason.

Zhang due to personal reasons back seat time, Fang Yue Jianxiong Sohu news clients responsible for.

"News client technology products and operation as a whole is relatively independent, hoping to split out to new media concepts separate listing. "People close to the revealed in the deep Web.

Clearly, this project finally Zhang lost, there are basically two reasons.

First of all, this top design with Charles Zhang, Sohu's media business have not been met. Zhang hopes to build China's largest information platform, which requires integration of all Sohu media resources. According to the understanding of the deep Web, Portal Sohu have about 40 million active users, mobile Sohu 30 million live, news clients for more than 10 million lives.

"I and many technicians to create media containers at each end, Chen zhaohua, leads the team responsible for the container of water and water quality. "Zhang when Chen zhaohua served as editor in Chief of Sohu's comments could mottoes.

Secondly, from Zhang personally, if your news client to spin off independent, would greatly limit their own Sohu's sense of participation, it was intolerable .

Emerged from the depression to Zhang, perhaps erased once aloof, edge and win the heart, pay more attention to social value and significance in itself, so Zhang after the handover, to be not only a commercial success, and more importantly he involved himself in the spotlight.

Hard to judge Charles Zhang, Sohu's media business, positioning is right or wrong, but objectively, slowing down the pace of news clients .

"After the return of Charles, Sohu the operations team and product, begin integration to a news client, brings a lot of confusion in management and operations. "Sohu news client is responsible for persons who experience changes tell of the deep Web. For example, push at that time Sohu's media business, news clients since the earliest media platform is a fully independent, then there have been several different platforms.

In addition, the "management, many ambiguous issues ensued, product appears on a lot of people at the same time in charge of a small plate, with the result that nobody and no one can control. "These people say.

Zhang's hands-on, and Fang in charge of news clients and Yue Jianxiong identities is awkward and, of course, giving up independent operations, equity and capital cannot do any planning and design on, may Fang Yue Jianxiong eventually left the important reasons of Sohu.

According to the understanding of the deep Web, in 2012, was introduced, Zhang, and Wang Xin (Sohu, the then-COO) Yiming Zhang, founder also has access to today's headlines, but the two sides did not reach an investment agreement. Charles Zhang, Sohu already has a news client products, there's no need to invest in external start-up companies.

On development direction of mobile media, Zhang has a very keen sense of judgment, Sohu news is the first power media and custom smart client product recommended by, but judging from the current development momentum, compared to today's headlines have occupied a greater advantage.

"If I had spun out early, we can battle and today's headlines, user scale, reserves, strategic brand has the opportunity. ”

Spoke to the deep Web for nearly three years when things change, a former Sohu in the Middle managers who are no more regrets. " Going through an ordeal, the team almost rebuilt, especially in technology and operations, this special time and opportunity . ”

To date, only Zhang to Sohu news clients take responsibility for the results, the other is to specific, head of the Executive, and within little voice.

" Zhang has the advantage of trends accurately, specific product details and the experience is not his place , excessive intervention also did not bring good results, but Sohu as a whole, understand the product to understand the experience of people less and less. "Sohu before these insiders expressed concerns to the deep Web.

Past number years in, Sohu missed has micro-Bo, and mobile social, major opportunities, in video, and search, field also no made leading, was said, this and Zhang habits "Hou Yang" type management of style is relationship-- partial at rear and non-line kill makes its hard created full bet note, and a hit winning of opportunities ; and Zhang 2013 official return Sohu yilai, will began recycling power, and unified coordination Sohu group core business resources, more participation to business of specific operation among.

News client currently still is Sohu most important of entrance level products, Zhang of thought is, through including news zainei of full content of production, and search and personalized intelligent recommended, to and user established interactive and stable of associated, in occupy user more of mobile end using time, and became user gets information important platform Hou then into mobile application of distribution, objective Shang achieved in mobile end of flow entrance effect.

Positioning, Sohu news into two, one is the content of the tradition, Editor, journalist team production and recommend, one personalized intelligent recommendation based on Pan-news from the media ecology. But this fusion of two genes really can, in particular can really personalize the experience, not only are Sohu news portal client products are facing common problems.

Sohu video why is left behind?

Sohu news clients are Zhang as the current group are dynamic and innovative products, but in return, have more hope for development of video services, the most important, most involved in products is undoubtedly the Sohu video.

"Video will be the main platform for transmission of image in China and Sohu, the video will be the core strategy of the future, Sohu video efforts to leverage the power of group development. "Charles Zhang said in media interviews at that time, Sohu's video content (including content and quality content), strategy and portfolio, social networking and video content, such as three key layout, ensure competitiveness of Sohu's video .

Before and after 2014, the voice of China's exclusive, House of cards and other American shows word of mouth, of the cock man-made drama, success, and so on, once Sohu video momentum to reach the top. Sohu in the media Office of the building, 18, and open-air bar, Zhang also frequently organize star party, such as the voice of China, World Cup publicity platform.

The fast, heavy BAT in hand in the video started to invest than aiqi video, YouTube potato art, Tencent, Sohu video at the capital and strategic reserve is obviously insufficient, being open a gap .

And news client, Sohu video first planned spin-off, but it ran aground. And PPTV merger talks failed was an important turning point. Both deals was nearing completion, according to the understanding of the deep Web, Zhang couldn't accept PPTV founder Bill Yao's as the new CEO of the company's request.

Since then, Sohu and the 360 was very near. People revealed to the deep Web, former Co-President of Sohu, Wang Xin, had hoped to promote comprehensive cooperation and 360, including the integration of search, integration of video-related business. At that time, Sohu's video on the PC end cooperation over 30% flow from 360.

Of course, the deal also faces a problem, Charles Zhang, Sohu and hard to master the dominance of search and video-related business, Sohu will need to redefine the concept of group.

Eventually, sogou Tencent introduced strategic investment and resource group backed by Sohu Sohu video support, no doubt can access a variety of resources to support, but still in the bondage of listed companies under the internal system, and Sohu video cannot bring in outside investment, unable to follow up on the copyright wars, as well as flexibility and innovation in new businesses.

These constraints and top executives to leave are inevitably linked, Wang Xin, former President of Sohu video Liu Chun, Senior Vice President of Sohu, responsible for mobile business Vincent Fang and others leaving. One insider to the deep Web that Sohu video, this was combined with a good combination of sales + content + technology executives, after the executives were leaving shortly to return to normal operation.

Has contributed the voice of China's Sohu video editor in Chief Shang Na reason for leaving is that of cooperation, the Sohu video creation of a separate company, but without Charles Zhang agrees. Shang Na after-service as network entertainment closer and closer to film, Vice CEO, and closer pictures, key members of the team are from the Sohu video. In addition, people told of the deep Web, Shang Na separation also involves some personal issues, but Sohu official and do not want to open.

" Zhang a virtuous one, hated fraud and unfair, has a unique personality, treat subordinates are Catholic, also has a good sense of pattern, but in terms of specific operational and product concepts, and fully believe that, not to the upper room . After Wang Xin, Sohu almost nobody can give Zhang comments. "Do not want to be named a former senior Sohu Sohu said of the Palm to the deep Web helm.

Investment sector analysis, Sohu's management for lack of a better stock incentive and room only business split, apparently, managerial ownership MBO in order to stimulate internal forces make a huge profit.

For various reasons, from the second half of 2014 to 2015, Sohu video shocks in a passive position in the fierce competition in the industry.

From a business point of view, show momentum experienced policy against homemade Sohu video nearly two years of focus areas, PGC is another breakthrough by Charles Zhang, Sohu video direction and acquired 56 shots from the company network. Zhang had in multiple occasions expression had UGC for video website of importance, he said, future Shang billion of UGC user in the, will formed tens of thousands of, and a hundred thousand of content quality more high of PGC (professional output content) producers, this equivalent to video of "big v", can real promoted video field to big production has Internet features video content, and and non-simple play television class copyright content of times

From the development stage, Opera and popular variety show, video game animation industry chain consolidation remains the core elements of video websites in competition right now, relax controls Sohu video was loss-making rivals open a gap.

Sohu 2015 fourth-quarter total revenues of us $ 466 million, down by 2%. In Sohu's three main businesses, media and video advertising revenue from the modest decline, search advertising from the small growth. First quarter of 2016, Sohu reported network up and down the chain of video revenue will be down about 20%, mainly with the economic environment and the conservative head of procurement-related content.

Zhang is also aware of the problem, in media interviews after the Spring Festival this year, at a communication in March of this year, Zhang made it clear that,in 2016 to back aggressive stance. Specifically, in the video business, will return to head the power of content, including the purchase of the popular TV show, increase investment in made investment in drama, movies, in addition strategies include continued development of PGC, perfect advertising system data .

However, problems such as team-building, financial resources, how to deal with the loss, yet Zhang took out a sustainable solution.

Swimming is not the "cash cow"

Tour in the fall of 2014 is a major reason Sohu video austerity. As Sohu's "cash cow", Sohu, the tour has been responsible for the entire burden of blood transfusions, Zhang hopes the entertainment eco-, need to swim continuously to provide stable funding.

Zhang earlier allocation of energy to enjoy is not much, their personal interests are not unrelated. Swim behind Tencent and NetEase games business, with Wang Tao management control, tour insiders as bloated, innovation lags, high costs and other problems, contradictions accumulated outbreak eventually led to decline .

Studio Tour formerly known as Firefox, successfully developed the game Tian long BA BU, but after the listed towards the top, encountered the core development team to leave , with or without combat. While Wang Tao himself lost in the 2013 unity taught , and promoted within the changyou, open to all employees for a period of one month India spiritual courses, set off a vigorous national religious campaign.

In many swim employees seems, Wang Tao by advocates of pursuit beauty of concept is is good of, also for employees brings has some actual of welfare, but this to company business and no too more active role, missed has hand tour development wave, also led to part in the senior of sycophant culture prevailed and bottom employees of helpless self-deprecating, this behind, is swim new business thereafter years of several no little progress has been made.

Facing a difficult situation, Wang Tao was trying to swim in the operation "excellent operating system", the establishment of water lines, but on the contrary result in overstaffing, final were Chen Dewen, President of swimming and Sohu's Board opposed. However, Wang Tao since the removal of the end of 2014, and successor Chen Dewen produced responses remains difficult.

In 2015 the fourth quarter, Sohu online game revenue of us $ 127 million in 2014, representing a drop of 31%, compared with the previous quarter to 17%. Sohu also predicted that the first quarter of 2016, online gaming continues to decline: revenue between $ 95 million to $ 105 million in 2015, representing a drop from 43% to 49%.

Although net profit after 2014 years of Cliff after falling in 2015, back on track, but the overall gaming market in 2015, an increase of 22.9% cases, Sohu changyou's performance after the 2014 an increase of only 2%, stalled once again.

Changyou games already further into maturity. In 2015 the fourth quarter, Dragon and Tian long BA BU 3D declined 20% per cent of revenues, and this trend will continue in the first quarter of 2016. Management pointed out at the earnings call, first quarter of 2016, there will be no important mobile launched new games.

Zhang explained that "on the PC end game gradually migrate to the cell phone, in a declining trend, but the Dragon 3D is not real Tian long BA BU, we look forward to the ' Tian long BA BU hand ' is still in development. ”

Sohu is the important source of cash, can swim to recover, Zhang recycling Sohu's significance is self-evident .

In addition to the ability to enhance their own blood, the possibility of privatization, and Sohu retain more hope for the future.

For a long time, Sohu in the United States capital markets, share prices in the doldrums, this makes the Sohu company losses must be balanced, it is difficult to use stock as a bargaining chip to make a large investment.

In December last year, Zhang to the Board a preliminary non-binding offer of privatization, fitting to the Sohu most third-party private companies invested $ 600 million in cash, acquisition of common stock and convertible bonds. After disclosure, the "Charles Zhang, Sohu privatize" speculation rife. In the view of the industry, raising their holdings after shares of the company means fewer public equity and Sohu privatization plans that might exist.

Once Zhang chose privatization, reorganization of the assets optimization, Sohu is bound to get more external capital support, get rid of listed company identity, and particularly so in expensive video business, will greatly increase their competitive chip.

Further reading

"My life before going too smoothly, always think in life looking for happiness, not to suffer. Now I think only bore the pain you can feel happy, can be happy only challenges...... "--the Sohu CEO Zhang Chaoyang: running helps to think better of the management and

"Sohu need great products need good revenue and earnings scale, forming a positive development trend and everyone in the Organization, and have confidence in themselves and will, can stand alone, don't follow the crowd, hard work will pay off. "--Charles Zhang, Sohu, returning two years later re: betting Portal media

Portal reform has just started, but also growing in scale, if asked when Sohu profit, profits were virtually equal to asking when will YouTube, when fantastic art can profit. --Zhang: Sohu layoffs of the basic closed

张朝阳这么拼，但为什么没能复兴搜狐？ - 张朝阳,搜狐 - IT资讯

三年前的5月20号，搜狐视频自制综艺节目《冲刺好声音》发布会现场，当皇后乐队经典歌曲We are the champions的音乐响起，张朝阳在人群中面带微笑，侧身而立——走出抑郁症的他再次出现在公众和媒体面前。

在当时中国互联网牌桌上，搜狐手中的筹码并不多，寄望于复出之后的张朝阳马上施展出神奇魔法并不现实，不过，畅游、搜狗、搜狐视频这几项业务的布局使得搜狐看上去格局清晰，仍然保有翻盘机会。

张朝阳当然能看清自己在牌局中的胜负手所在，随后启动了围绕搜狗、搜狐视频的连环资本交易。随着搜狗引入腾讯战略投资交易落听，其以媒体和视频娱乐业务为核心再造搜狐的倾向愈发清晰。

复出后的张朝阳，也以更为阳光的形象，给人耳目一新的感觉。从享乐、抑郁和小我中走出来的他，还迷上了跑步。

“2016年我要更充分回归社会”，在今年春节后的第一场媒体采访，一身运动装的张朝阳迫不及待向外界传达了更为积极的信号。

然而，必须承认，三年时间过去，最好的张朝阳再造搜狐的尝试却并未成功。搜狗有着不错发展，但并非行业所追捧的风口；畅游在经历去年一系列动荡后，仍在恢复元气之中；搜狐视频则错过了PPTV的并购，战略也一直摇摆不定，缺乏足够资金支持，在第一集团竞争中已经掉队，今年再想重新发力并不容易；新闻客户端目前成为搜狐的拳头产品，但其商业模式的延展空间市场尚未得到认可。

事实上，搜狐依然维持着近几年的产品矩阵，没有突破其他边界，而除了搜狗外的其他业务虽然也在增长，但在各自领域的市场地位不升反降。更重要的是，搜狐还遭遇人才流失，做为一家老牌互联网公司，张朝阳身边几乎没有能拿得出手的高管。

究其背后深层原因，是搜狐自身的基因注定，还是发展战略失误？抑或是张朝阳的管理方式已不适合搜狐？而留给搜狐最后的机会又在哪里？

门户业务错失“今日头条”

“搜狐是一家多元化互联网公司，新闻客户端、畅游、搜狗、搜狐视频都能排进行业前三，我们在新闻和视频领域的目标是冲刺第一。”一位不愿具名的前搜狐高管告诉《深网》，在回归搜狐后组织的最重要一次管理大会上，张朝阳如此表示。

据《深网》了解，搜狐在2014年左右开启了一系列新的调整，这包括：加速搜狗、焦点房地产的分拆上市计划；而在搜狐新闻、搜狐视频等领域，张朝阳加大自己的直接管理力度。

新闻客户端无疑是搜狐当时最成功的产品，无论从品牌、布局还是市场占有率，都保持着市场领先的不错势头。

一名前搜狐高层向《深网》表示，张朝阳对于行业大趋势一直有非常敏锐的判断，从门户到社交、视频，以及移动媒体变革，都能提早进行布局。

当然，张朝阳对媒体和娱乐有着很深的情结，这也是搜狐很早就在新闻客户端和视频业务开始发力的重要原因。

在张朝阳因个人原因退居二线的时间，搜狐新闻客户端由方刚和岳建雄负责。

“当时新闻客户端整个技术产品体系和运营都是相对独立的，希望可以分拆出去以移动新媒体概念独立上市。”知情人士向《深网》透露。

显然，这个计划最后被张朝阳否掉了，大致有两个原因。

首先，这与张朝阳对搜狐媒体业务的顶层设计不符合。张朝阳希望打造中国最大的资讯平台，而这需要整合所有搜狐媒体资源。据《深网》了解，当时大概搜狐门户有4000万日活用户，手机搜狐网3000万日活，新闻客户端1000多万日活。

“我与众多产品技术人员致力于打造各端媒体容器，陈朝华带领的团队将负责容器里的水及水的品质。”从陈朝华出任搜狐总编辑时张朝阳的表态也能看出端倪。

其次，从张朝阳个人角度来说，如果新闻客户端分拆独立，会大大减少自己再造搜狐的参与感，这是他不能容忍的。

从那场抑郁症中走出来的张朝阳，或许抹去了从前的孤傲、锋芒和胜负心，更注重社会价值的实现和行为本身意义，因此，回归后的张朝阳，要的不仅仅是商业上的成功，更重要的是他自己身处聚光灯下的那种参与感。

很难下结论张朝阳对搜狐媒体业务的定位是对是错，但客观上延缓了新闻客户端的前进步伐。

“查尔斯回归后，搜狐网原有的运营团队和产品，开始融和到新闻客户端，带来了很多管理和运营上的混乱。”一位亲历改变的搜狐新闻客户端相关负责人士告诉《深网》。比如，在当时搜狐重推的自媒体业务，最早新闻客户端的自媒体平台是完全独立的，随后便出现了几套不同的平台。

此外，“在管理上，很多权责不清的问题随之而来，在产品上出现很多人同时负责一个小板块的情况，结果是无人管也无人能管。”上述人士称。

张朝阳的亲力亲为，也让此前负责新闻客户端的方刚和岳建雄身份很尴尬，当然，放弃独立运营，在股权和资本上便做不了任何规划和设计，这可能也是方刚和岳建雄最终离开搜狐的重要原因。

另据《深网》了解，2012年，经人介绍，张朝阳、王昕（时任搜狐COO）还曾接触今日头条创始人张一鸣，但最后双方并未达成投资协议。在张朝阳看来，已经拥有新闻客户端产品的搜狐，没必要再投资外部创业公司。

在对移动媒体发展方向上，张朝阳有着很敏锐的判断，搜狐新闻也是最早发力自媒体和智能推荐的客户端产品，但从目前的发展势头来看，今日头条相较已经占据较大优势。

“如果当时早点分拆出去，我们和今日头条可以一战，用户规模、内容储备、战略品牌都有机会。”

向《深网》谈及近三年形势变化时，一位前搜狐中层管理人士言语中不无惋惜。“经历一番折腾，团队几乎重建了，尤其是技术和产品运营，这特别耽误时间和机会。”

时至今日，对搜狐新闻客户端结果负责的只剩张朝阳，其他具体业务负责人更多是执行，而且内部几乎没有不同声音。

“张朝阳的优势在于对趋势的准确判断，但具体产品细节和体验并不是他擅长的地方，过多的干预也没带来好的效果，而在整个搜狐内部，懂产品懂体验的人才更是少之又少。”上述前搜狐内部人士向《深网》表达了担忧。

过去数年里，搜狐错失了微博、移动社交等重大机会，在视频、搜索等领域也没有取得领先，有人说，这与张朝阳习惯“后仰”式管理的风格不无关系——偏处后方而非一线冲杀使其很难创造全力押注、一击致胜的机会；而张朝阳2013年正式回归搜狐以来，便开始回收权力、统一协调搜狐集团核心业务资源，更多参与到业务的具体运营之中。

新闻客户端目前依然是搜狐最重要的入口级产品，张朝阳的思路是，通过包括新闻在内的全内容的生产、搜索和个性化智能推荐，来与用户建立互动和稳定的关联，在占据用户更多的移动端使用时间、成为用户获取资讯重要平台后进而涉足移动应用的分发，客观上实现在移动端的流量入口效应。

从定位来看，搜狐新闻融入两种基因，一种是传统编辑记者团队的内容生产和推荐，一种是基于泛新闻自媒体生态的个性化智能推荐。但这两种基因能否真的融合，尤其是能否真的做好个性化体验，不仅是搜狐新闻，也是其他门户客户端产品所面临的共同困扰。

搜狐视频为何掉队？

新闻客户端被张朝阳视为目前搜狐集团最有活力和创新的产品，但在其刚刚复出时，对视频业务的发展寄予了更多希望，最看重、参与最多的产品无疑也是搜狐视频。

“视频将会是中国影像传播的主要平台，而视频也将是搜狐未来的核心战略，要借助集团的力量努力发展搜狐视频。”张朝阳当时接受媒体采访时表示，搜狐视频要在内容（包括购买内容和资质内容）、战略投资和组合、社交化视频内容等三个方面重点布局，保证搜狐视频的竞争力。

2014年前后，《中国好声音》的独家运营、《纸牌屋》等美剧的口碑、《屌丝男士》自制剧的成功等等，一度让搜狐视频声势达到顶峰。在搜狐媒体大厦18层办公室和露天酒吧，张朝阳也时常组织明星聚会，为《中国好声音》、世界杯等内容的宣传站台。

风云突变，手握重金的BAT在视频业务开始大量投资，相比爱奇艺、腾讯视频、优酷土豆，搜狐视频在资金和战略储备上明显不足，逐渐被拉开差距。

和新闻客户端一样，搜狐视频最早也有分拆的计划，但最终搁浅。和PPTV的并购谈判失败是一个重要转折点。双方并购交易当时接近完成，据《深网》了解，张朝阳却无法接受PPTV创始人姚欣提出的出任新公司CEO的要求。

此后，搜狐和360也一度走的很近。知情人士向《深网》透露，前搜狐联席总裁王昕，曾希望推动和360的全面合作，包括搜索业务的整合，视频相关业务的整合。当时，搜狐视频在PC端超过30%的流量来自360合作。

当然，上述交易同样面临一个难题，张朝阳和搜狐很难掌握搜索和视频相关业务的主导权，搜狐集团的概念也必然需要重新定义。

最终，搜狗引入腾讯战略投资和资源，搜狐视频背靠搜狐集团支持，无疑可以获得各种资源支持，但是依然身在上市公司内部体制下的束缚，也使得搜狐视频无法引入外部投资、无法跟进版权大战、以及在新业务上灵活创新。

这样的束缚和相关高管出走也形成必然联系，王昕、前搜狐视频总裁刘春、负责移动业务的搜狐高级副总裁方刚等人相继离职。一名搜狐视频内部人士向《深网》表示，这是当时配合很好的销售+内容+技术高管组合，上述高管陆续出走后，短期内难以回归正常运营。

曾促成《中国好声音》合作的搜狐视频总编辑尚娜离职的原因在于，其想在搜狐视频成立单独的影业公司，但没有征得张朝阳同意。尚娜离职后出任拉近网娱副总裁及拉近影业CEO，而拉近影业团队的主要成员都是来自搜狐视频。此外，有知情人士告诉《深网》，尚娜离职还涉及一些个人问题，但搜狐官方并不愿公开。

“张朝阳善良正直，憎恶造假和不公正，有独特人格魅力，对待下属十分宽容，也有不错的格局感，但在具体业务和产品理念上，完全相信自己，没有给中高层施展空间。王昕走后，搜狐内部几乎再没人能给张朝阳提意见了。”不愿具名的一位前搜狐高层向《深网》如此评价搜狐掌掌舵人。

有投资界人士则分析认为，搜狐管理层缺乏更好的股权激励和施展空间，只有业务分拆、包产到户，让高管持股MBO，才能激发内部力量带来巨大的盈利。

种种原因，从2014年下半年到2015年，震荡中的搜狐视频在行业激烈竞争中陷入被动。

从业务层面来看，美剧发展势头遭遇政策打击，自制是搜狐视频近两年的重点投入领域，PGC则被张朝阳视作搜狐视频另一个突围方向，并出手从人人公司收购了56网。张朝阳曾在多个场合表达过UGC对于视频网站的重要性，他表示，未来上亿的UGC用户中，会形成几万、十几万内容质量更高的PGC（专业产出内容）生产者，这相当于视频的“大V”，可以真正推动视频领域走向大批量生产具有互联网特征视频内容、而非单纯播放电视台类版权内容的时代

但从行业发展阶段来看，大剧和热门综艺节目、影视游戏动漫产业链的整合依然是现在视频网站竞争的核心要素，休养生息控制亏损的搜狐视频被竞争对手拉开差距。

从搜狐2015年第四季度财报来看，总营收为4.66亿美元，同比下降2%。在搜狐的三大主要业务中，媒体与视频广告收入环比小幅下滑、搜索广告环比小幅增长。搜狐2016年第一季财报显示，网络视频营收同比和环比均将下滑约20%，这主要与经济环境和保守的头部内容采购有关。

张朝阳显然也意识到这个问题，在今年春节后的媒体采访中，在今年3月的沟通会上，张朝阳明确表示，2016年要重回进攻姿态。而具体来说，在视频业务上，会恢复头部内容上的发力，包括热门电视剧的购买，加大自制剧投资、电影投资，此外策略还包括继续发展PGC内容，完善广告系统的大数据支持。

不过，团队建设、资金来源、如何应对亏损等难题，依然有待张朝阳拿出可持续的解决方案。

畅游已不是“现金牛”

畅游在2014年的下滑是导致搜狐视频节衣缩食的主要原因。做为搜狐的“现金牛”，畅游一直承担着为整个搜狐输血的重任，张朝阳寄予厚望的大娱乐生态，需要畅游源源不断的提供稳定的资金。

张朝阳此前对畅游的精力分配并不多，这与其个人兴趣不无关系。畅游一度仅次于腾讯和网易游戏业务，随着王滔管理的失控，畅游内部人员臃肿、创新滞后、成本高企等问题暴露，最终矛盾积累爆发，导致业务下滑。

畅游前身是火狐工作室，成功研发《天龙八部》游戏，但在上市走向巅峰后，遭遇核心研发团队出走，带来不小打击。而王滔本人则在2013年迷上合一教，并在畅游公司内部大力推广，向全体员工开放为期一个月印度灵修课程，掀起一股轰轰烈烈的全民信教运动。

在很多畅游员工看来，王滔所提倡的追求真善美的理念固然是好的，也为员工带来了一些实际的福利，但是这给公司业务并没有太多积极作用，错过了手游发展浪潮，还导致部分中高层的溜须拍马文化盛行以及底层员工的无奈自嘲，在此背后，是畅游新业务此后几年的几无寸进。

面对困境，王滔后来试图在畅游运作“卓越运作体系”，建立流水工作线，但反而造成人员臃肿，最终遭到畅游总裁陈德文和搜狐董事会反对。不过，2014年底王滔解职后，继任者陈德文交出的答卷依然艰难。

2015年第四季度，搜狐在线游戏收入为1.27亿美元，较2014年同期下降31%，较上一季度下降17%。搜狐还预测，2016年第一季度，在线游戏继续下滑：收入在9500万美元至1.05亿美元之间，较2015年同期下降43%至49%。

虽然净利润经历了2014年的断崖式下滑之后，2015年重回正轨，但在中国整体游戏市场2015年同比增长22.9%的情况下，搜狐畅游的业绩继2014年同比增长仅为2%之后，再一次出现停滞。

畅游已有的游戏进一步进入成熟期。2015年第四季，天龙八部和天龙八部3D的营收环比均下降20%，而且这种趋势在2016年第一季将延续。而管理层在财报电话会上指出，2016年第一季不会有重要的移动新游戏推出。

张朝阳解释称，“PC端游戏逐渐迁移到手机上，确实处在不断下滑态势，不过《天龙八部3D》不是真正的天龙八部，我们期待的‘天龙八部手游’还在开发中。”

做为搜狐最重要的现金来源，畅游能否恢复元气，对于张朝阳再造搜狐的意义不言而喻。

除了提升自身造血能力，私有化的可能性，也为搜狐未来保留更多希望。

长期以来，搜狐在美国资本市场股价不振，这使得搜狐必须兼顾公司亏损规模，也很难用股票为筹码来做大型的投资并购。

去年12月，张朝阳向公司董事会提交初步非约束性私有化收购要约，拟和第三方私募公司联合向搜狐最多投资6亿美元现金，收购普通股和可转债。消息公开之后，有关“张朝阳要对搜狐实施私有化”的猜想甚嚣尘上。在业内看来，增持公司股份之后意味着公众手中股权越少，有利于搜狐可能存在的私有化计划。

一旦张朝阳最终选择了私有化，对资产业务进行重组优化，搜狐势必能获得更多外部资本支持，摆脱上市公司身份束缚，尤其是在视频等烧钱业务上，会极大增添自身竞争筹码。

延伸阅读

“以前我人生走得太顺了，总是觉得人生应该寻找快乐，不太去忍受痛苦。现在我觉得只有忍受了痛苦才能体会到快乐，只有迎接挑战才能感到快乐……”——《搜狐CEO张朝阳：跑步有助于更好的思考和管理》

“搜狐需要伟大产品，需要良好收入和盈利规模，形成正面发展态势；而组织里面的每个人，自己要有信心和意志，能忍受寂寞，不跟风随大流，勤奋就会有回报。”——《张朝阳回归两年后的搜狐再造：押注门户媒体》

门户改革刚刚开始，而且还在规模性成长，如果说要问搜狐什么时候能盈利，几乎等于在问优酷什么时候能盈利，奇艺什么时候能盈利。——《张朝阳：搜狐裁员计划基本已结束》