Conde Nast Buys Reddit

TechCrunch reports that Conde Nast has snapped up Reddit, the social newsworking site that graced our pages with cute little robot animated ads a few weeks back. The Bostonian quartet who make up Reddit will be relocated to San Francisco, merging with the ickle kiddies at Wired Digital. No details on how much cash changed hands, but the back-chatter says that the whole deal went down due to the Reddit crew's success in setting up gossip news aggregator Lipstick.com for Conde Nast. The Lipstick formula attracted so much traffic so quickly — by Conde Nast standards anyway — that the Nasties decided they needed more of that Reddit magic. The Reddit site will remain as its own entity, with its aggremagational powers recruited to serve other Conde Nast sites as well.

Breaking News: Cond Nast/Wired Acquires Reddit [TechCrunch]