Reddit is being spun-off from Condé Nast and will be a distinct corporation (Reddit Inc.) owned by Advance Publications, the conglomerate that owns Condé Nast. This means they’ll have a lot more control over things, as they will report back to their own board of directors, rather than some manager at Condé Nast. They will also be appointing a CEO.
When reddit was acquired in October 2006 by Condé Nast, it was receiving about 700k page views per day. Now, reddit routinely gets that much traffic in 15 minutes. This explosion in traffic created technical, cultural, and organizational growing pains.
Oh, and kn0thing (a co-founder of the site) is coming back as a board member.