Advance Publications, the home of Condé Nast, bought Reddit in 2006 for $20 million and Steven Newhouse, chairman of Advance.net, took a hands off approach to the company. Co-founders Steve Huffman and Alexis Ohanian stayed for three years. In 2011, it was spun off into an independent subsidiary. Now, Redditt has more than three billion page views a month. Ohanian returned to Reddit earlier this year. Their audience is big, but revenues are not.
According to Anil Dash, Reddit was left to evolve on its own. He told The New York Times, “I don’t know whether it was a brilliant strategy or accidental neglect, but the founders did not leave, the community stayed intact, and the site grew beyond anybody’s expectations.”