Reddit.com, one of my favorite social news sites, has been acquired by Conde Nast/Wired. It's sort of considered a second-rate Digg.com, although I've always liked its simplistic design more than Digg's flashy buttons. No word yet on the purchase price, but if that becomes public you can expect a hundred more social news sites to pop up and compete for big business dollars.
Techcrunch » Blog Archive » Breaking News: Condé Nast/Wired Acquires Reddit