Alexis Okhanyan, Kevin Rose to buy and revive Digg

The Digg content aggregator returns with a unlikely partner: Reddit Co -founder and competitor Alexis Akanian.

The founder of Ohanian and Digg Kevin Rose has acquired the platform for an undisclosed amount. The transaction is supported by Venture Capital Firms True Ventures, where Rose is a partner and seven seven six. Partnership was announced on Wednesday Video At the company of the company X, in which Rose called the partnership “command app, he would never imagine 20 years ago.”

Digg was founded in 2004 and grew up as a major outlet for Trending News as it allowed users to evaluate the stories. Rose did what became a shameful loud appearance on Businessweek cover in 2006 as a child who “earned $ 60 million in 18 months”.

Campaign said in the release This is aimed at differentating yourself in the social media market, “focusing on AI innovations aimed at improving user experience and creating an alternative to humans.” Digg said he would also create a platform that “priests transparency, rewards human efforts and promotes discussion.”

Aganyan also teased cooperation, By telling X followers On Wednesday he “worked on something new … but also the old … But also very new” and “Rad” to cooperate with Rose.

At the peak in 2008, Digg was reportedly estimated at about $ 160 million. But lift Facebook and other social sites caused traffic to Digg to fall. Meanwhile, Reddit, which was founded a year after Digg Ohanian and current CEO Steve Hafman, became a direct competitor of Digg, creating communities around the types of content and allowing users to evaluate the news similarly.

In 2012, the brand and the Digg website were purchased by Tech Incubator Betaworks for about $ 500,000.

Reddit continues its climbing, reporting nearly 102 million active users on End of the fourth quarter. The site has gained extensive attention when it became the center of admiration of the 2020 meme, as retailers inflicted a huge pain on hedge fonds that shortened reserves using Subreddit known as WallstreetBets.

Reddit became public on the New York Stock Exchange last March for 34 dollars per share And he saw his stock almost quintup. The shares increased about 3% to date and added 5.9% during the Wednesday session.

Aganu switched to other projects because he Declined from the Reddit Council in 2020. He is currently cooperating with billionaire Frank McCurt, seeking Tiktok after President Donald Trump Extended initial term For bypassing a platform sales company on social media or will face a ban.

In a message on X Rose said he and Okhanyan “dreamed of features that were even impossible with yesterday’s technique.”

“The new @digg brings great nostalgia, but we are not here to just restore the past or clone a competitor,” he wrote.

– Ari Levy CNBC contributed to this report.

See: Co -founder Reddit Alexis Okhanyan goes for a women’s sport