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Wired Magazine Acquires Reddit
http://www.techcrunch.com/2006/10/31/breaking-news...
by amiable_indian 562 days ago, published 562 days ago (techcrunch.com)

We just received confirmation that Condé Nast, owner of Wired and other magazines/websites, acquired Boston-based Reddit earlier this morning, and will make the announcement later today. The price is not being disclosed.

All four reddit employees will relocate from Boston to Wired’s San Francisco office and become part of Wired Digital. Reddit, founded and funded in 2005, is a YCombinator company (see our interview with YCombinator founder Paul Graham here). The two original founders are Steve Huffman and Alexis Ohanian, and they were later joined by Christopher Slowe and Aaron Swartz.

Reddit is a social news site that has always played second fiddle to Digg, although Reddit does have an active and loyal userbase. Users praise Reddit for having a very quick load time and no advertising. Like Digg, news stories on Reddit are submitted by users, and other users vote up or down on the story. When it gets enought “up” votes, the story appears on the home page.

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Comments
1
amiable_indian   # amiable_indian
  Posted 562 days ago. (hide)

— Source : Wired Acquires Reddit

Reddit, which has four full-time employees, will move from Boston to Wired Digital’s headquarters in San Francisco. It will operate under the Wired Digital umbrella along with Wired magazine and Wired News, the daily technology news publication.

Its amazing that reddit was only 4 people team.

1
avaksi   # avaksi
  Posted 562 days ago. (hide)

I love Wired and this is good news for them. But I am not sure what they plan to do with reddit…

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amiable_indian   # amiable_indian
  Posted 561 days ago. (hide)

Google also made an offer to Reddit
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Another good example of making a move is Alex Ohanian and Steve Huffman, who just sold their company, Reddit, to Conde Nast. When I interviewed them last February, they had received a buyout offer from Google, but they turned it down. At that point, Reddit was on an exciting and seemingly limitless path. Today, though, Reddit’s path as a stand alone company might be a dead end because Digg, their competitor, is now an industry standard, and Reddit is second fiddle. Taking the buyout offer now, from a premier publishing company with enthusiasm for building out Reddit, makes good sense for Ohanian and Huffman. After all, Ohanian told me, “We do this because it is fun and interesting.”

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