Si Newhouse Saunters Into StartupLand In Search of Digital Dollars, and (Possibly) a Stake in Moda Operandi
Startups must be in this season, because it looks like Uncle Si is starting to pivot. Advance Publications, the Conde Nast parent company owned by the billionaire Newhouse clan, is “quietly” making a departure from the glossies, newspapers, and cable companies on which it built its empire. Keith Kelly at the New York Post reports that Advance, “armed with a $500 million war chest,” is looking to invest in both the digital and startup world–both realms the company has struggled with in the past.
Earlier this month, Mr. Newhouse spun reddit out from under Conde Nast and into an independent company under Advance, perhaps hoping to better capitalize on high volume traffic, which in the case of some sub-reddits is basically as large as if they were “their own websites, ” reddit general manager Erik Martin has told Betabeat. Read More