After Google announced the acquisition of JotSpot, Conde-Nast announced that it was going to acquire YCombinator funded Reddit. Though not as popular or widespread as Digg, this democratic news portal has garnered a significant amount of traffic and a loyal following. Add to that the fact the company only employees 4 people and you start to develop some admiration for the team and the venture.
As a side note, Conde-Nast owns several magazines and websites (including Wired). The price tag of the deal was not disclosed.
From a personal standpoint, I am not convinced there is a fit here. I am going to have to delve further into the strategic direction of the publishing company, but my gut feeling says this doesn’t make sense. TechCrunch reports that Conde-Nast will leave Reddit as a standalone site, but also integrate it into other web properties, which I don’t get. I guess we’ll have to wait and see how this pans out before we jump to any solid conclusions.
Congrats to the team at Reddit.