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Online content aggregator Reddit.com has been spun out as a wholly owned separate entity by its parent Condé Nast to become Reddit Inc., according to a blog on the Reddit website.
That makes Reddit a division of Advance Publications Inc., which also owns American City Business Journals, the parent of both Mass High Tech and the Boston Business Journal. Reddit was born in Medford in 2005, founded by two University of Virginia graduates with a $12,000 investment from Y Combinator.
According to the blog, Reddit co-founder Alexis Ohanian has returned to the company, taking a board seat “along with Bob Sauerberg (President) and Joe Simon (Chief Technology Officer) from Condé Nast, and Andrew Siegel (Senior Vice President, Strategy and Corporate Development) from Advance.”
In a post on Google+, Ohanian said of the spinout “the site — now one of the top 50 in the US — needs the independence its fellow online titans enjoy.”
Condé Nast purchased Reddit in 2006, which moved Reddit from its offices in Somerville to the offices of San Francisco-based Wired Digital, a division of CondeNet Inc. and the online arm of Condé Nast.
According to the AllThingsD blog of the Wall Street Journal, “The move comes after Conde talked to several investors about selling off a chunk of the company as part of the spinout; at the time, it had floated the notion of a $200 million valuation.”
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