Company no longer tethered under Conde Nast
Reddit, the extremely popular go-to site for geeks to share stories and other pages has just claimed independence from its previous corporate admin, Conde Nast. The company was bought over by Conde Nast late 2006 and since then has grown by immense proportions even beating the likes of Digg. It now garners over a billion page views per month and is funded by roughly only a dozen employees.
The site has long since sought out this independence and, as reported in wired, can finally claim to be only a wholly owned subsidiary – Reddit Inc. This move comes in an effort to allow the site to be more adjustable as well as a way for it to attract outside investors. Ad revenue is not a feasible option for the site as the vast majority of it’s users are rather proactively ad-averse.