Condé Nast has announced that it is spinning off Reddit into a standalone unit, to be known as Reddit Inc. The company however maintained its full ownership over the social news site.
Eric Martin, the general manager of Reddit expressed his optimism about this move taken by the parent company by saying that the change is primarily aimed at allowing him to handle Reddit in a better and more efficient way, finding it future growth opportunities.
Reddit was acquired by Condé Nast some 5 years back in October, 2006. Martin said that before it had been acquired, the social news site managed to bag somewhere around 700,000 page views per day. But ever since it came under Condé Nast, the site was pocketing that much traffic within a span of just quarter of an hour.
“This explosion in traffic created technical, cultural, and organizational growing pains. Reddit now has the kind of resources it needs to continue improving and supporting the community’s experience far into the future,” he explained in an official Reddit blog post.
“Reddit Inc. is now owned by Advance Publications (which also owns Condé Nast), so even though the organizational shift is important, Reddit is not really going anywhere,” he added.