Conde Nast Looking to Open Reddit to Investors
Spinning out social media site would allow more marketing, employee opps.
Looks like Conde Nast might be putting “Voice of the Internet” Reddit on the lot.
According to AllThingsD, Conde Nast would still own Reddit, but is considering selling a stake to investors. Reportedly, Reddit currently has a $200 million value and boasts a billion page views a month.
If Conde Nast tethers out Reddit , opportunity would increase for both companies. Peter Kafka of AllThingD writes, “Taking Reddit outside of Conde Nast’s corporate structure would make the site that much more valuable, and would give it a better chance to compete for capital, managers and employees alongside the likes of zippy startups like Quora, StackExchange, etc.”
Reddit’s staff has dwindled with two programmers, Mike Schiraldi and David King, leaving the site earlier this month. Only one developer, Neil Williams, and two other system administrators currently work on the social media site.
In 2010, Reddit launched a donation program called “Reddit Gold,” which was a system that allowed user to choose a dollar amount to donate to the site, as opposed to a set subscription price. This donation system allowed access to special features on the site, including a button that users could use to “smack someone in the face over the Internet.”