Wired acquires news ranking site, Reddit
Wired Digital, the SF company that owns Wired magazine and Wired News, has acquired Reddit.com, a news site that lets its users select and rank web content
The purchase price is unknown, suggesting it wasn’t for much, but the Boston start-up was founded only last year, and was built on a mere $100,000 in funding. It is a competitor to San Francisco’s Digg, though is the lesser known.
Wired’s parent company, Condé Nast, has used Reddit technology to launch a beta site, Lipstick.com, focused on celebrity news. The company said it hopes the Reddit acquisition will bolster Condé Nast’s presence online.
Reddit’s four founders, based in Boston, will relocate to San Francisco. They received $100,000 funding from seed investor Paul Graham’s group, Y Combinator.
The four founders of Reddit are Steve Huffman, Alexis Ohanian, Aaron Swartz, and Chris Slowe. TechCrunch says the company averages 70,000 daily unique visitors.
Next Story: Spock offers an ambitious “people” search engine
Previous Story: Don’t let the Big Oil money confuse you on Prop 87, part III
About the Author, Matt Marshall
Matt Marshall is editor and CEO of VentureBeat. Follow him on Twitter at @mmarshall, and follow VentureBeat on Twitter at @venturebeat.