1. Reddit: A 9-Year Case Study in Absentee Management

    Reddit: A 9-Year Case Study in Absentee Management

    In 2006, Condé Nast, the New York- based publisher of Vogue and the New Yorker, among other magazines, bought a promising information-sharing and online- discussion startup called Reddit. At the time, social media was just taking off and big media conglomerates were scrambling for a piece of the action. Rupert Murdoch’s News Corp. had recently outfoxed Sumner Redstone’s Viacom to acquire Myspace for $580 million...

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    1. The Internet is a democratic network where all links are created equal.
    2. I think that it's important when looking at a company like Reddit, which is an incredibly high-growth company, not to impose a business model until it evolves organically.
    3. They were supergreat in terms of being hands-off.
    4. We realize users often have animosity towards ads, but they are a fact of life on the web.
    5. Reddit has philosophical beliefs about how users' privacy should be treated.
    6. If you go to a paintball subreddit, paintball companies can advertise to you.
    7. We pulled in more revenue in a weekend than Condé Nast's sales team did all year for Reddit.
    8. They seem to take the users and moderators for granted, assuming they will continue doing what they've been doing forever.
    9. Reddit is watching other people eat its lunch.
    10. Reddit is very much trying to establish itself as a curator of its own content and take back some of that space from BuzzFeed.
    11. We ask that the company make enough money to break even, with plus or minus $5 or $10 million a year.
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