For how much was Reddit sold in the transaction with Conde Nast?
''Steve Huffman and Alexis Ohanian created and sold Reddit in 16 months. It was one of the first start-ups in Y-Combinator to be acquired, and the sale made both of its founders instant multimillionaires.It all started when Steve and Alexis had an idea— not for “the front page of the internet”, but for a mobile food ordering website. The duo traveled from Virginia to Boston, Massachusetts to listen to Y-Combinator partner Dr. Paul Graham speak, and afterwards, Alexis invited Paul out for drinks.
Paul then set up an official interview with Y-Combinator, which wasn’t well-known at the time, so the two fledgling entrepreneurs could pitch their idea.It seemed to go well, but later that night, Paul called Alexis and, though apologetic, said he was going to have to turn them down.Steve and Alexis were crushed, drank all night, and, while still inebriated, hopped a train home the following morning. But before reaching Virginia, Alexis got another phone call— it was Paul again. He said he made a mistake. He didn’t like their IDEA, but he liked THEM, and asked them to build something else instead: the social news site that would later become Reddit.
That was Paul’s brainchild.
The first design was built in three weeks, and was nothing but user-submitted URL’s, with two clickable buttons underneath: one for “interesting” and another for “uninteresting”. No subreddits. No upvotes. The comments section was added next, after heated debate.
Still, despite it’s over-simplification, Reddit was getting some serious attention.
The connection with Condé Nast was the result of a series of chance encounters one particular Halloween night, when Alexis met a reporter who introduced him to a freelancer for Wired, who in turn told his editor about Reddit.That editor’s husband worked for the business development end of Condé Nast. He helped set up the licensing deals, and negotiated a price with Steve, Alexis, and the folks at Y-Combinator.Alexis claims he hasn’t even told his girlfriend the exact figure, but has gone on record ballparking it, claiming “it was between $10 million and $20 million”.''
you can find out for your self who owns Conde Nast and what is their businesses model. also who are their advertisers. and, while you are at it read this: "Everything Is Fake": Ex-Reddit CEO Confirms Internet Traffic Metrics Are Bullshit archive.vn/hbt58
there is really not many people on reddit now. most of the users are either bots or paid click farm employees. but it is kosher and not controversial for advertisers.
