We use 10% DMSO + 20% FBS + 70% Culture media to store cancer cell lines in our lab, it is effective till 6 months when stored in -80 C, while for long storage we use Nitrogen Tank.
I have been using 10% DMSO / FCS for freezing of cancer cells. Up to 1 year you may keep in -80, but longer you have less number of living cells you will harvest after thawing. In my case only few live cells were visible after 1 year or more storage, which is not an option. -80 is for relatively short time preservation as was suggested.
Vu, Bashir and Ivane are all correct. With 10% DMSO in 90% FBS the cell can last uptil a year ( mine only last 10 months) in -80 C. With 20% FBS and 70% cultute media they last around 5-6 months in -80 C.
For liquid nitrogen storage, cancer cells last for years in liquid nitrogen. I took somebody cells that was deposited 8 years ago out of liquid Nitrogen last week. They look very healthy.