Blocked in China, but Reddit may get Tencent investmentBusiness | 11 Feb 2019 4:49 pm
Tencent Holdings (0700) is reportedly set to invest US$150 million in American online forum site Reddit, with the social news aggregator looking to raise funds which could value it at more than US$3 billion.
Reddit is blocked in China.
Reddit, which calls itself "the front page of the Internet," has an estimated 330 million monthly users and was the third-most-visited website in the U.S. as of February 2018, according to Alexa Internet, CGTN reports.
Founded in 2005 by two University of Virginia students, Reddit has continued to attract a loyal user base despite its relatively simple format, where users are invited to discuss just about any topic on more than 150,000 "sub-Reddit" forums.
The company said in December that it had 1.4 billion video views per month, a 40 percent increase within just two months.
A cash injection in Reddit from Tencent would show a shift in the Chinese company's investment strategy, after previous years saw it spend heavily on game developers like Supercell and Epic.