Part social news site, part discussion forum, Reddit has managed to retain its popularity after being acquired by publishing giant Conde Nast five years ago. The fate of the site has been up in the air for some time, but Conde has now come out with a plan. Reddit will be spun off as an independent, but wholly owned Conde Nast operation.
There will be a new board of directors including Reddit co-founder Alexis Ohanian, and Conde Nast president Bob Sauerberg. Reddit employees have not been shy in the past about calling Conde Nast out for failing to provide Reddit the resources it needed to grow. The hope is that this new entity will be more nimble and profitable.
The first order of business will be to find a new CEO, a psoition Reddit just began looking to fill recently. Conde is currently not seeking outside investment in Reddit, but that could change at some point. Ohanian assures dedicated Redditors that nothing is changing from their perspective, at least for now.