Wired Buys Reddit (Extended Version)

We told you via our new reporters’ log this morning as soon as we found out Conde Nast had bought Reddit. Now we’ve had a chance to talk to Reddit founder Alexis Ohanian to get a few more details. He’s not spilling the price, but he tells us that Reddit broke 1 million unique visitors last month, and has 100K members (for comparison, Digg reports 20 million unique monthly visitors, though that number has been disputed). As Ohanian writes on the Reddit blog, the company felt it had to take VC funding or be acquired to deal with growth, and Conde Nast offered “about as much autonomy as an acquired company could get.”

Reddit and Conde Nast have been working together for a while; they collaborated on Reddit’s first white-label service, Lipstick.com. Since then, Reddit has struck deals with WPNI (operator of washingtonpost.com, newsweek.com, and Slate) as well as Gawker.

Reddit has raised under $100,000 from Y Combinator and an undisclosed angel investor over the last year and a half. It has just 3.5 employees (one is about to complete his PhD) who will be moving out to San Francisco.

We had previously polled readers in July to ask who Wired would buy next, and Reddit received 16 percent of about 300 votes cast, following Boing Boing and Gawker.

loading

Comments have been disabled for this post