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Condé Nast

  1. Reddit Splits Off from Condé Nast, Becomes Reddit Inc.

    In 2006, popular social news website Reddit was purchased by publishing giant Condé Nast where it grew into the juggernaut we know and love. Today, Reddit announced that it had declared independence and was being spun off into Reddit Inc.

    Though Reddit is now separate from Condé Nast, it is still wholly owned by Condé Nast's parent company Advanced Publishing. However, Reddit will now be operated by a board of directors. According to the site's official blog, the board will consist of:
    ...reddit co-founder Alexis (kn0thing) Ohanian (read his thoughts here) will serve on that board, along with Bob Sauerberg (President) and Joe Simon (Chief Technology Officer) from Condé Nast, and Andrew Siegel (Senior Vice President, Strategy and Corporate Development) from Advance. Other internal or external directors may be added in the future.
    Reddit Inc. has also begun a search for a CEO to head the company. There is currently no word on what factors will enter into that search, or how much karma candidates are expected to have.

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  2. Condé Nast Wired a Scammer $8 Million After Just One E-Mail

    Apparently, even billion-dollar publishing empires aren't immune to good-old fashioned email fraud. According to a lawsuit filed by the company, Condé Nast transferred $8 million into the bank account of an alleged wire fraudster named Andy Surface. But the company is probably blushing at the ease with which it was tricked into parting ways with its money: Filings say that it all it took was one email from Surface.

    Condé Nast's printer is called Quad/Graphics; Surface had an account in the name of a company called Quad Graph, the actual business of which, if existent, is unclear.

    In early November, Condé Nast received an “Electronic Payment Authorization” form by email at its offices in … New York. The form appeared to have been sent by Quad/Graphics. The form requested that Condé Nast direct payments for Quad Graphics to the Quad Graph Account, and provided account information. Condé Nast filled out the form and returned it by facsimile from its offices in … New York to the facsimile number provided in the form. Following Condé Nast’s receipt of the “Electronic Payment Authorization” form, Condé Nast started making payments for Quad/Graphics bills by ACH transfer from a Condé Nast account with JPMorgan Chase Bank in New York to the Quad Graph Account.

    Hit the link for more groan-inducing magazine title puns than you can shake a stick at.

    (via Forbes)

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  3. Reddit Denies Rumors of Condé Nast Spinoff [Update]

    Many of the people who frequent social news site and geek hangout Reddit aren't aware that it's owned by Condé Nast Publications, the 100-year-old magazine publishing giant behind such titles as Vogue, The New Yorker, and Wired. It may seem like an odd fit, but with Reddit resurging following rival site Digg's spectacular implosion last year, Condé's 2006 purchase of Reddit is looking increasingly like a smart bet. In the past, Reddit's small, beleaguered staff has frequently complained that Condé Nast treated them like a second-class citizen within the company, refusing to give them resources until they made more money, but failing to give them the ad sales staff to make that money in the first place, but times are changing. Reddit has recently announced new staff and a bigger budget and has reportedly moved up within the byzantine Condé org chart. But with Reddit's newfound success, Peter Kafka reports that Condé Nast is quietly contacting investors about buying a stake in Reddit, valuing the site at $200 million, and is trying to spin Reddit off into a semi-independent entity. Reddit denies this, however.

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  4. Condé Nast’s “Don’t Run Prop 19 Ads on Reddit” Plan Has Not Worked Out Too Well

    The Reddit community has been in a furor today over a decision by its corporate parent, Condé Nast, not to allow advertisements supporting Proposition 19, or the "Regulate, Control and Tax Cannabis Act of 2010," which proposes to legalize many forms of marijuana use in the state. When Firedoglake, which was planning to advertise a pro-Prop 19 ad on the site, got in touch with Condé, they were told that "As a corporation, Conde Nast does not want to benefit financially from this particular issue." Their decision follows Facebook's ban on similar ads.

    The difference between Reddit and Facebook, however, became apparent when the community took action, led by the site's moderators:

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