Conde Nast, publisher of
Wired,
Vogue,
The New Yorker and many other magazines and Web sites, is purchasing Boston-based Reddit, the social-news site that has always played second
fiddle to Digg, according to TechCrunch. Like Digg, Reddit has an active and loyal user base; users "vote up" instead of "digg" the news stories submitted by other users. As stories get voted up, they
appear on the home page. It currently does not sell advertising.
It looks like Conde Nast plans to integrate Reddit more closely with
Wired, as all four of Reddit's
employees--including the founders Steve Haufman and Alexis Ohanian--are being relocated from Boston to
Wired's San Francisco office, and will officially become members of Wired Digital. It
makes sense, as
Wired's tech-oriented subscriber base is more likely to be familiar with social-news sites. The acquisition price was undisclosed, but the company recently raised $100,000 for
operations and has an average of 70,000 daily unique users and 700,000 or so page views.
Read the whole story at TechCrunch »