Chinese online and mobile publisher Changyou (NASDAQ:CYOU) has bought 51 percent of MoboTap for $91 million.

It's the company behind the Android-focused Dolphin Browser.

With 100 million users worldwide, Dolphin Browser is reckoned to be leading third-party browser in markets such as the US, Europe and Japan.

The deal will enable Changyou to better distribute and promote its online and mobile games.

For example, competing mobile browser UC Browser is a major Android app distribution channel in China.

The search for eyeballs

As part of the deal, Changyou will provide $30 million in funding to MoboTap by purchasing a zero-coupon convertible bond due in five years.

Changyou will have the option, exercisable at any time when the bond is outstanding, to convert all or any part of the unpaid principal into shares of MoboTap at a conversion price that would result in Changyou's equity interest in MoboTap increasing to 60 percent.

"The success of Dolphin Browser clearly reflects the MoboTap team's ability to translate their solid understanding of mobile users' needs and strong technical expertise into successful products and a global business," said Changyou CEO Tao Wang.

"I am excited to work with MoboTap and we will support Dolphin Browser to grow its market share even further."