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Category: SocialMedia

Reddit Spuns Out from Conde Nast… Sort Of

Written on September 07, 2011 by Japhet Writ

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Reddit is now a wholly owned subsidiary called Reddit Inc.

The popular news sharing site, , spun out of to become a wholly owned subsidiary called . This move is a way to enable the site to be open for outside investments.

A start-up born from the first Y-combinator incubator, Reddit was bought by Condé Nast on October 2006. However, the site often fought protracted battle to acquire necessary resources for growth — together with seeking more revenue from its ad-adverse community. And though they always have lean operations, they recently hired a couple of programmers. Reddit is also searching for a CEO that will lead the site to become a premiere news sharing haven for geeks.

Reddit Inc. remains wholly owned by , Condé Nast’s parent company, and the board will include Reddit founder – ; Condé Nast President, Bob Sauerberg; and its CTO, Joe Simon.

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