Biography
Condé Nast is the American mass-media company, owned by Advance Publications, that acquired Reddit on October 31, 2006 for a reported sum in the range of $10–20 million, a few years after the site's 2005 founding. Under Condé Nast's ownership Reddit operated as a subsidiary before being spun off as an independent operating unit of parent company Advance Publications in September 2011. The arrangement left Advance as Reddit's largest shareholder for years afterward, a stake that produced a windfall reportedly worth well over a billion dollars when Reddit went public in 2024.