Friday, November 03, 2006

Hubble Bubble - more silly prices for companies

Social media site Reddit has been bought by Wired publisher Condé Nast for an undisclosed sum, said to be $65m. At that price it is an expensive acquisition.

Reddit, which enables users to suggest and rank stories, is a user-generated news aggregator, with stories rising to the top based on popularity. It is little cousin to Digg which is rumoured to be in talks with MySpace owner, News Corp.