Reddit offering more rewards to its users if you’ll just send more money to Advance Publications and the Newhouse billionaire family

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by chocoladna

Reddit is nearly an empire now, how much more money does the billionaire Newhouse family/Advance Publications need?

New additions to the reddit awards system, paid for by reddit users, updated 10/16/2018 –

New tiers of Awards: Coins can now be used to give out two new types of Awards in addition to Gold:

Silver: Silver is all about recognizing content that… well, doesn’t quite deserve Gold. Recipients will get a shiny Silver icon next to their post or comment. Costs 100 Coins.

Platinum:. Recipients of Platinum will get a shiny new icon and one month of Premium membership (which comes with 700 Coins). Costs 1800 Coins.

Reddit Premium is now $5.99/month for new subscribers only.** Legacy subscribers will keep the same prices that they had before, so if you purchased an ongoing subscription at $3.99 per month, you will continue to pay $3.99 per month moving forward.

Hi r/changelog, the rest of the Gold updates are now live! –

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~Patriarch S.I. Irving died last year, his holdings and corporatons carry on,

Samuel Irving “S.I.” Newhouse Jr. (November 8, 1927 – October 1, 2017) was an American heir to a substantial magazine and media business. Together with his brother Donald, he owned Advance Publications, founded by their late father in 1922, whose properties include Condé Nast (publisher of such magazines as Vogue, Vanity Fair, The New Yorker, etc.), dozens of newspapers across the United States (including The Star-Ledger, The Plain Dealer, The Oregonian, etc.), former cable company Bright House Networks, and a controlling stake in Discovery Communications.[2]

Net worth US$13 billion (August 2016)

~His company Advance Publications,

Advance Publications, Inc. is an American media company owned by the descendants of S.I. Newhouse Sr., Donald Newhouse and S.I. Newhouse Jr. It is named after the Staten Island Advance, the first newspaper owned by the Newhouse family, in which Sam Newhouse bought a controlling interest in 1922.[2] As of October 2014, it was ranked as the 44th largest privately held company in the United States, according to Forbes.[4]

~Reddit raised $200 million in funding and is now valued at $1.8 billion. By Kurt Wagner Jul 31, 2017

It’s going on a hiring spree and redesigning its website.

Advance Publications — which owns Condé Nast, Reddit’s one-time parent company — did not participate in this funding round but still owns a majority stake in Reddit, according to two sources familiar with the arrangement. Condé Nast CEO Bob Sauerberg sits on Reddit’s board of directors. Bloomberg reported last month that Reddit was raising more money.

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~Again, why is reddit begging its userbase for mo’ money, when it is a part of a multi billion $$$ private corporation??


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